Standard Economics

Standard Economics

9th - 12th Grade

30 Qs

quiz-placeholder

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Standard Economics

Standard Economics

Assessment

Quiz

Social Studies

9th - 12th Grade

Hard

Created by

Patricia White

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30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Under perfect competition,

products are similar but not identical.

numerous restrictions prevent firms from entering the market.

no seller can sell a product above the prevailing market price and products are identical

a single seller can affect price and their is a small number of buyers and sellers

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which market structure is BEST indicated by the cell phone market?

monopoly

pure competition

oligopoly

natural monopoly

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A market that has a few sellers of basically the same goods.

Perfect Competition

Pure Monopoly

Monopolistic Competition

Oligopoly

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A market where brand-name loyalty is more important than product differentiation.

Perfect Competition

Pure Monopoly

Monopolistic Competition

Oligopoly

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following best describes an oligopistic market?

Many sellers with identical barriers to entry

Many sellers, each with a clearly differentiated product, and no barriers to entry

A few competing sellers with similar products and high barriers to entry

A few competing sellers of identical products and no barriers to entry

No competition among sellers and high barriers to entry

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A barrier to entry is

an economic term for economies of scale

illegal in most markets

anything that prevents new firms from entering the market

a factor that increases competition

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A monopoly is a market with

many suppliers

no barriers to entry

many substitutes

one supplier

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