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WorksheetsMarketing 3.3 Types of Economic Competition
Total questions: 12
Worksheet time: 6mins
Name
Class
Date
1.
In pure competition, a large number of suppliers offer very similar products.
a)
True
b)
False
2.
A business in monopolistic competition has no control over price if it wants to sell its products.
a)
True
b)
False
3.
In a monopoly, customers will pay a higher price because there are no alternative products to those of the supplier.
a)
True
b)
False
4.
A cable television company usually operates in a pure competition environment.
a)
True
b)
False
5.
The airline industry is an example of an oligopoly.
a)
True
b)
False
6.
The most common type of economic competition facing most businesses is pure competition.
a)
True
b)
False
7.
Businesses in monopolistic competition should focus on making their products different from and better than competitors' products.
a)
True
b)
False
8.
Each product in a specific market has its own supply and demand curves.
a)
True
b)
False
9.
The market environment in which a business without competitors operates is
a)
pure competition
b)
an oligopoly
c)
a monopoly
d)
monopolistic competition
10.
The market environment in which most retail businesses operate is
a)
pure competition
b)
an oligopoly
c)
a monopoly
d)
monopolistic competition
11.
As a consumer, you will usually choose the
a)
least expensive option
b)
option providing the most satisfaction at the best value
c)
option that provides the highest quality
d)
most readily available option
12.
In a market where demand exceeds supply
a)
consumers can expect to pay higher prices
b)
businesses will want to increase supply
c)
some consumers will not be able to satisfy their needs
d)
all are correct
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