Lesson 3: Market Basics Quiz

In a market, who are the individuals that offer products for sale?

• Sellers

• Buyers

• Students

• Coaches

What is the role of buyers in a market?

• To purchase products

• To sell products

• To teach classes

• To provide services

What is the role of sellers in a market?

• To offer products for sale

• To buy products

• To manage teams

• To conduct research

What is market competition defined as?

• Multiple people buying or selling the same product in different markets

• A single person buying or selling a product

• Multiple people buying or selling the same product in the same market

• A single person buying or selling in the same market

How does competition among sellers affect price?

• Increases price

• Decreases price

• Has no effect on price

• Stabilizes price

Which market structure is characterized by a single seller?

• Pure Competition

• Oligopoly

• Monopoly

• Monopolistic Competition

Which market structure is most likely to have identical products?

• Pure Competition

• Oligopoly

• Monopoly

• Monopolistic Competition

Which market structure is characterized by differentiated products?

• Pure Competition

• Oligopoly

• Monopoly

• Monopolistic Competition

In which market structure do firms have the most control over prices?

• Pure Competition

• Oligopoly

• Monopoly

• Monopolistic Competition

Which market structure is most likely to have perfect information?

• Pure Competition

• Oligopoly

• Monopoly

• Monopolistic Competition