
ECON CHAP 7 KEY TERMS
Quiz
•
Education
•
12th Grade
•
Practice Problem
•
Easy
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33 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Market structure
a theoretical market structure that requires three conditions: very large numbers, identical products and freedom of entry and exit
Theoretical Market structure characterized by large number of well informed independent buyers and sellers who exchange identical products and have freedom of entry and exit
market classification according to number ans size firms, type of product and type of competition
Market structure in which average cost of production are lowest when all output is produced by a single firm
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Pure competition
a theoretical market structure that requires three conditions: very large numbers, identical products and freedom of entry and exit
Real or imagined differences between competing products in the same industry
market structure having all conditions of peer competition except for identical products.
Philosophy that government should not interfere with business activity
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Theoretical
the supply side of the market
done or brought about by free choice
existing only in theory
to rise and fall uncertainty
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Industry
To support or hold up
Economic side effects that affect an uninvolved third party
Illegal combinations of cooperation for companies organized to suppress competition
the supply side of the market
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Perfect competition
Economic side effects that affect an uninvolved third party
Theoretical Market structure characterized by large number of well informed independent buyers and sellers who exchange identical products and have freedom of entry and exit
Market structure characterized by a single producer
Market structure in which a few large sellers Dominate and have the ability to affect prices in the industry
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Monopolistic competition
Market structure in which a few large sellers Dominate and have the ability to affect prices in the industry
Market structure in which average cost of production are lowest when all output is produced by a single firm
market structure having all conditions of peer competition except for identical products.
market classification according to number ans size firms, type of product and type of competition
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Product differentiation
Condition where any of the requirements for a competitive market leads to an inefficient allocation of resources characterized by too much or too little being produced
Unattended side effects that either benefit or harm a third party not involved in the activity that caused it
Limited the activity or growth of
Real or imagined differences between competing products in the same industry
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