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WorksheetsMarket Structures Quiz
Total questions: 10
Worksheet time: 6mins
under perfect competition what sets the equilibrium price in the market?
nonprice competition
supply and demand
the government
a monopoly
pure competition and monopoly are...
the same
almost the same
should not be compared
opposites
which of the following factors contribute to market failure?
adequate competition
knowledge of prices and opportunities
mobility of resources
inadequate competition
which market structure is defined by a single producer?
pure competition
monopolistic competition
oligopoly
monopoly
which of the following do economists use to classify markets?
number of firms
size of firms
type of product
all of these
if a shoe company pays a professional athlete to wear shoes it makes, it is an example of:
imperfect competition
product differentiation
nonprice competition
all of these are correct
which of the following is a benefit of natural monopolies?
economies of scale
the Federal Trade Commission Act
cease and desist order
foreclosure
the government does not try to eliminate all monopolies. Why?
it would be impossible
not all monopolies are bad
the government itself is a monopoly
the aren't any monopolies anymore
A plant in a small town closes, leaving hundred of people unemployed. There are jobs available at the similar plant in another state, but many of the unemployed workers are unwilling to move or cannot afford to move. An economist might use this as an example to:
describe what happens where there is not enough competition
define resource immobility
define a public good
explain an externality
what condition is present in perfect competition but missing in monopolistic competition?
marginal analysis
identical products
freedom of entry and exit
very large number of buyers and sellers
