Market Structure Quiz

Market Structure Quiz

Professional Development

15 Qs

quiz-placeholder

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Market Structure Quiz

Market Structure Quiz

Assessment

Quiz

Geography

Professional Development

Practice Problem

Hard

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a perfectly competitive market, the marginal revenue curve:

Slopes downward.

Coincides with the demand curve.

Lies below the demand curve.

Is vertical.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the long run, firms in a perfectly competitive market earn:

Economic profits.

Accounting profits.

Zero economic profit.

Negative profits.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a necessary condition for perfect competition?

Differentiated products.

Barriers to entry.

Price-making firms.

Free entry and exit.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A monopoly is characterized by:

Many sellers and one buyer.

One seller and no close substitutes.

Many sellers producing identical products.

One seller with perfect substitutes.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A monopolist's marginal revenue is:

Equal to price.

Higher than price.

Less than price.

Independent of price.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following represents a source of monopoly power?

Free entry and exit.

Perfect information.

Economies of scale.

Many substitutes.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a monopolistically competitive market, firms:

Produce homogeneous products.

Are price takers.

Face a downward-sloping demand curve.

Earn long-run economic profits.

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