Chapters 7 and 8 Review

Chapters 7 and 8 Review

Assessment

Flashcard

Social Studies

12th Grade

Hard

Created by

Wayground Content

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22 questions

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1.

FLASHCARD QUESTION

Front

What is a market structure in which only a few large sellers dominate and have the ability to affect prices in an industry?

Back

Oligopoly

2.

FLASHCARD QUESTION

Front

What is a market structure characterized by a single producer in a market?

Back

Monopoly

3.

FLASHCARD QUESTION

Front

What is the distinguishing feature of a market structure with monopolistic competition?

Back

product differentiation

4.

FLASHCARD QUESTION

Front

Which condition is present in pure competition but missing in monopolistic competition? Options: marginal analysis, freedom of entry and exit, very large numbers of buyers and sellers

Back

identical products

5.

FLASHCARD QUESTION

Front

A public utility is considered an acceptable type of natural monopoly because it...

Back

avoids wasteful duplication of pipes and wires

6.

FLASHCARD QUESTION

Front

A situation that caused by too much or too little production,  an inefficient allocation of resources is called a....

Back

market failure.

7.

FLASHCARD QUESTION

Front

Products that are consumed collectively, but do not produce profit and are maintained by the government are known as...

Back

public goods.

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