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3.1.4.1 Market Structures

Authored by James Hannaford

Social Studies

Professional Development

3.1.4.1 Market Structures
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which market structure is characterized by lower barriers to entry and more contestable markets?

Monopoly

Oligopoly

Monopolistic competition

Perfect competition

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT an example of a barrier to entry?

Economies of scale

Brand loyalty

Controlling important technologies

High consumer demand

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the effect of brand loyalty on demand elasticity?

It makes demand more elastic

It makes demand more inelastic

It has no effect on demand elasticity

It makes demand more volatile

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is one of the characteristics of a perfectly competitive market?

Products are homogenous

Products are highly differentiated

There are high barriers to entry

There is a single firm dominating the market

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which market structure has "Few dominant sellers"?

Monopoly

Oligopoly

Monopolistic Competition

Perfect Competition

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of product is associated with Monopolistic Competition?

Branded

Differentiated – many similar products

Pure

Homogeneous

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is one of the benefits of patents for businesses?

Reduces competition

Provides a source of monopoly power

Increases market demand

Lowers production costs

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