WorksheetsReid Economics 4th Form
Total questions: 15
Worksheet time: 21mins
Which of the following is NOT a Market Structure?
Perfect Competition
Oligopoly
Monopoly
Corporation
Which market structure involves selling identical (same) products?
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
What prevents firms from entering a monopoly?
Strong barriers to entry
Technology
Price
Barriers to Travel
A market structure where firms produce similar product which is differentiated through branding and with easy entry into the market
Perfect Competition
Monopolistic Competition
Monopoly
A market failure is best described as
The idea that market forces of supply and demand always provide the maximum benefit for society
The inability of the market to allocate resources efficiently to satisfy society’s wants
The concept that a decision made by one party can have negative effects on another party
The concept that a decision made by one party can have positive effects on another party
Which market does not fail?
Perfectly Competitive Market
Monopoly
Oligopoly
Company
