
Market Structures
Quiz
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Business
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University
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Practice Problem
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Medium
Hazal Baytok
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8 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which market structure is characterized by many small firms selling identical products with no pricing power?
Monopoly
Monopolistic competition
Perfect competition
Oligopoly
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is a key characteristic of an oligopoly?
Many small firms competing aggressively
A few large firms with significant market power
A single firm dominates the market
Firms selling identical products with no differentiation
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is a potential barrier to entry in a market?
High consumer price sensitivity
A low concentration ratio
Many small firms competing
High startup costs
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In which market structure are firms most likely to engage in non-price competition?
Monopoly
Monopolistic competition
Perfect competition
None of those
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Why might firms in an oligopoly engage in tacit collusion?
To lower consumer prices
To increase competition
To maximize collective profits without formal agreements
To eliminate all rivals
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is it called when a dominant firm lowers its prices below cost to drive competitors out of business?
Economies of scale
Cost leadership
Predatory pricing
Market segmentation
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What type of competition do firms in monopolistic competition primarily engage in?
Price competition
Monopoly power
Mergers and acquisitions
Non-price competition
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