
CHAPTER 2
Quiz
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Education
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University
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Practice Problem
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Hard
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a characteristic of a perfectly competitive market?
Single seller
Price makers
Homogeneous products
High barriers to entry
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes a monopoly?
A market with many sellers offering differentiated products
A market with a single seller with significant market power
A market where firms engage in non-price competition
A market with free entry and exit
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of market structure is characterized by product differentiation and many sellers?
Perfect Competition
Monopoly
Monopolistic Competition
Oligopoly
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An example of monopolistic competition would most likely be:
Electricity supply in a city
Restaurants in a city
Agricultural produce markets
Internet service providers
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In an oligopoly, firms are most likely to:
Act independently of one another
Cooperate to maximize joint profits
Have perfect information about the market
Face no barriers to entry
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a characteristic of perfect competition?
Free entry and exit of firms
Many buyers and sellers
Differentiated products
Perfect information
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following strategies is commonly used in monopolistic competition to attract customers?
Price fixing
Advertising and branding
Natural monopoly regulation
Government subsidies
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