Market Structures Quiz

Market Structures Quiz

4th Grade

26 Qs

quiz-placeholder

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Market Structures Quiz

Market Structures Quiz

Assessment

Quiz

Business

4th Grade

Medium

Created by

Peter Kiplang'at

Used 4+ times

FREE Resource

26 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

A product in the market refers to:

A commodity only

Goods or services sold in the market

Only services sold in the market

None of the above

2.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

Which of the following is NOT an essential of a market?

Willing buyers and sellers

Commodities to be bought or sold

Fixed government taxes

A market price

3.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

A perfect competition market is characterized by:

Only one seller

No freedom of entry or exit

Many buyers and sellers

Price discrimination

4.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

In a perfect competition market, the products are:

Differentiated

Identical

Substitutes

Rare

5.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

What is a major feature of a monopoly market?

Many buyers and many sellers

No freedom of entry

Freedom of entry

Perfect mobility of factors of production

6.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

Price discrimination in a monopoly occurs when:

The seller charges the same price in all markets

Different prices are charged for the same product in different markets

The government sets all the prices

Buyers control the price

7.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

Which of the following is NOT a source of monopoly power?

Control of an important input in production

Existence of internal economies of scale

Freedom of entry into the market

High costs of entering the market

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