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10 Qs

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lecture for the demo class

lecture for the demo class

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Micheal Johnson

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10 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following is a characteristic of a perfectly competitive market?

  • A) Single seller

  • B) Homogeneous products

  • C) High barriers to entry

  • D) Price maker

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

In a monopoly, the firm is a:

  • A) Price taker

  • B) Price maker

  • C) Price follower

  • D) Price negotiator

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following is an example of a monopoly?

  • A) Wheat farming

  • B) Utility company

  • C) Coffee shop

  • D) Clothing brand

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What type of market structure has many firms selling identical products?

  • A) Monopoly

  • B) Oligopoly

  • C) Monopolistic competition

  • D) Perfect competition

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following is NOT a characteristic of monopolistic competition?

  • A) Many sellers

  • B) Product differentiation

  • C) High barriers to entry

  • D) Some control over prices

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

In a perfectly competitive market, firms earn what kind of profit in the long run?

Negative profit

  • Positive profit

  • Zero economic profit

Supernormal profit

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which market structure is most likely to result in the highest prices for consumers?

  • Perfect competition

  • Monopolistic competition

  • Oligopoly

Monopoly

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