Market Structures

Market Structures

Assessment

Flashcard

Social Studies

12th Grade

Hard

Created by

Wayground Content

FREE Resource

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20 questions

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1.

FLASHCARD QUESTION

Front

What market structure is Mark participating in if he sells standardized corn at a local farmer's market with no control over the price? Options: monopolistic competition, oligopoly, perfect competition, monopoly

Back

perfect competition

2.

FLASHCARD QUESTION

Front

Under perfect competition, options include: products are similar but not identical, numerous restrictions prevent firms from entering the market, no seller can sell a product above the prevailing market price, a single seller can affect price.

Back

no seller can sell a product above the prevailing market price.

3.

FLASHCARD QUESTION

Front

Using the pizza store graphic, what market structure best fits the pizza industry? Options: Monopoly, Oligopoly, Perfect competition, Monopolistic competition

Back

Monopolistic competition

4.

FLASHCARD QUESTION

Front

Factors that make it difficult for new firms to enter a market are called

Back

Barriers to entry

5.

FLASHCARD QUESTION

Front

Which is NOT a characteristic of perfect competition? Options: difficult entry into the market, many sellers, identical product, no control over price

Back

difficult entry into the market

6.

FLASHCARD QUESTION

Front

Which of the following statements correctly identifies a difference between perfect competition and monopolistic competition?

Back

In perfect competition the firms all sell products that are exactly the same, but in monopolistic competition each firm sells a slightly differentiated product.

7.

FLASHCARD QUESTION

Front

In which market structure is there the MOST competition? Options: Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition

Back

Perfect Competition

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