Market Structures Quiz

What is the role of technology in a perfectly competitive market?

• Creates barriers to entry

• Provides unequal access

• Ensures equal access

• Limits productivity

Which market structure is described as having a large number of businesses?

• Monopoly

• Oligopoly

• Perfect competition

• Monopolistic competition

How does perfect competition serve as a model in economics?

• It is a common real-world scenario

• It helps analyze other market structures

• It limits market analysis

• It is irrelevant to market studies

What is a characteristic of oligopolistic competition?

• Many businesses with no dominant players

• Only a few businesses dominate the market

• No barriers to entry

• Weak brand identity

How are products in monopolistic competition typically described?

• Identical

• Differentiated from each other

• Homogeneous

• Standardized

How much control do businesses have over prices in monopolistic competition?

• Complete control

• No control

• Limited control

• Total control

What is a characteristic of the barriers to entry in monopolistic competition?

• High barriers

• Few barriers

• No barriers

• Unlimited barriers

What is the role of niche market businesses?

• They compete directly with mass market businesses.

• They fill specific, smaller segments.

• They do not use the marketing mix.

• They only sell online.

What is mass marketing?

• Targeting a specific segment of the market

• Marketing a good or service to all possible consumers in the same way

• Focusing on a niche market

• Customizing products for individual consumers

What is required for a business to succeed in niche marketing?

• A broad understanding of all markets

• A full understanding of the niche's needs

• Minimal market research

• High production capacity