Understanding Perfect Competition

Understanding Perfect Competition

12th Grade

10 Qs

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Understanding Perfect Competition

Understanding Perfect Competition

Assessment

Quiz

Others

12th Grade

Practice Problem

Easy

Created by

COLTON GROVE

Used 2+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

Which of the following is NOT a commodity

Gas

Coal

Pizza

Gold

2.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

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

Few sellers

Unique products

Free entry and exit

High barriers to entry

3.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

Fill in the blank: 'Barriers to entry' refer to obstacles that make it difficult for new firms to ______ a market.

Exit

Enter

Dominate

Ignore

4.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

'Start-up costs' are?

Costs incurred when exiting a market

Costs incurred when starting a new business

Costs that decrease over time

Costs that are irrelevant to new businesses.

5.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

Which of the following is a factor in market structure?

The degree to which the firm can influence price

The design of the office

The number of social media followers

The type of office furniture.

6.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

Pure competition is characterized by:

A single firm dominating the market

A large number of firms producing the same product

Government control of prices

Unique products.

7.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

Competition encourages ______.

Laziness

Efficiency

Higher prices

Less innovation.

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