Understanding Market Structures Quiz

Understanding Market Structures Quiz

12th Grade

20 Qs

quiz-placeholder

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Understanding Market Structures Quiz

Understanding Market Structures Quiz

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following market structures is characterized by a large number of firms producing identical products?

Monopoly

Oligopoly

Perfect competition

Monopolistic competition

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a characteristic of an oligopoly market structure?

A large number of small firms

Few firms dominate the market

No barriers to entry

Homogeneous (same) products

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a common feature of perfect competition?

Few firms dominate the market

Product differentiation

Firms are price takers

Significant barriers to entry

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a monopoly, the firm has significant control over the price because:

There are many substitutes available

There are no barriers to entry

It is the sole producer of a unique product

It faces perfect competition

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a feature of perfect competition?

Firms have significant control over prices

Products are differentiated

There are no barriers to entry

Few firms dominate the market

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a characteristic of a monopoly?

Free entry and exit in the market

Significant barriers to entry

Many firms producing identical products

Firms are price takers

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a common barrier to entry in a market?

Low startup costs

High levels of competition

Economies of scale

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