
Market - Business- Labor Assessment
Authored by Keith Faulkner
Business
12th Grade
Used 2+ times

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33 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
List the four market structures in the order from least to most competitive.
Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition
Oligopoly, Monopolistic Competition, Perfect Competition, Monopoly
Perfect Competition, Monopoly, Oligopoly, Monopolistic Competition
Monopolistic Competition, Perfect Competition, Monopoly, Oligopoly
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When a major car company lowers its prices, other car makers will probably
Lower their prices
Raise their prices
Keep their prices the same
Go out of business
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When a monopolistically competitive firm charges an excessive price for its product…
Consumers will substitute a rival’s product
Consumers will buy the product anyway
Consumers will start their own business
Businesses will change to perfect competition
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How many firms are there in an oligopoly?
Few
Many
One
None
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In monopolistic competition, producers:
Have some ability to set prices
Have no ability to set prices
Have the government set prices
Have consumer name their own price
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The airline industry is an example of:
Oligopoly
Perfect Competition
Monopoly
Entrepreneurship
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
One of the requirements for a monopoly is that
there is a unique product with no close substitutes
There are no products to be sold
Have a spokesperson with a monocle
Invite other businesses to compete
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