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MANECON-PRELIM-Part2

Authored by Sheena Sheena

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MANECON-PRELIM-Part2
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40 questions

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1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

In a perfectly competitive market, firms:

Can set their own prices

Must accept market prices

Always maximize profits

Control consumer behavior

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following markets has the most control over prices?

Perfect competition

Monopoly

Oligopoly

Monopolistic competition

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The term "market power" refers to:

The ability to control prices

The ability to increase sales

The power of the government to regulate

The influence of advertising

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following would increase market power?

Lowering prices

Increasing competition

Gaining exclusive rights to a product

Reducing barriers to entry

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A natural monopoly occurs when:

There is only one seller

It is more efficient to have one firm supply the product

Government forces firms to merge

Prices are too low

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is an example of a legal monopoly?

Meralco, the sole distributor of electricity in the Philippines

A local bakery

A multinational tech company

An online retailer

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

In a monopoly, price and quantity of a product are determined by:

Market demand

The single firm

Consumer preferences

Government policies

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