Market Structures Quiz

Market Structures Quiz

University

14 Qs

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Market Structures Quiz

Market Structures Quiz

Assessment

Quiz

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University

Practice Problem

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DEPARTMENTOFECONOMICS SVTBCOLLEGE

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14 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a characteristic of perfect competition?

Few large firms dominate the market

Products are differentiated

Many sellers and buyers

High barriers to entry

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which market structure do firms have some control over pricing due to brand loyalty?

Perfect Competition

Monopolistic Competition

Oligopoly

Monopoly

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a key feature of oligopoly?

Perfect information

Homogeneous products only

Interdependence among firms

Many small firms

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which market structure is characterized by free entry and exit?

Oligopoly

Monopolistic Competition

Monopoly

Perfect Competition

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens in the long run for firms in perfect competition?

They earn only normal profits

They face high barriers to entry

They make abnormal profits

They can set prices above market price

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of monopolistic competition?

Agricultural markets

Clothing brands

Steel industry

Telecommunications

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a characteristic of monopolistic competition?

Price takers

Identical products

High barriers to entry

Product differentiation

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