Understanding Market Structures and Competition
Authored by Jon Neale
Business
11th Grade
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a characteristic of perfect competition?
High barriers to entry
Homogeneous products
Few sellers
Price makers
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In which market structure are firms considered price takers?
Monopoly
Oligopoly
Perfect competition
Monopolistic competition
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a type of market structure?
Monopoly
Oligopoly
Perfect competition
Duopoly
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a key feature of a monopoly?
Many sellers
Unique product
Free entry and exit
Perfect information
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In perfect competition, what is the relationship between the price and marginal cost at equilibrium?
Price is greater than marginal cost
Price is less than marginal cost
Price equals marginal cost
Price is unrelated to marginal cost
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which market structure is characterised by a few large firms dominating the market?
Perfect competition
Oligopoly
Monopoly
Monopolistic competition
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In which market structure do firms have no control over the market price?
Monopoly
Oligopoly
Perfect competition
Monopolistic competition
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