Free Printable Market

Worksheets

Market

Total questions: 20

Worksheet time: 15mins

Name

Class

Date

In perfect competition, the product is differentiated

True

False

In monopolistic competition there are many buyers and sellers

True

False

In which market structure is there the LEAST competition?

Monopoly

Oligopoly

Monopolistic Competition

Perfect Competition

In which market structure is there the MOST competition?

Monopoly

Oligopoly

Monopolistic Competition

Perfect Competition

Which type of market structures has many many producers(companies) that sell identical products and has no control over price?

perfect competition

monopolistic competition

oligopoly

monopoly

The jeans industry would fall into what type of market structure? ( jeans are similar but there are some differences in the product)

monopoly

oligopoly

perfect competition

monopolistic competition

Which scenario is an example of a monopoly?

A local water company is the sole provider of water for a small town.

A dry cleaner specializes in environmentally friendly cleaning methods.

A farmer produces green beans for sale at a farmer's market.

A small number of cereal companies produce most of the cereal on the market.

In the 1990s, AT&T controlled 80% of the phone industry and was the ONLY provider of long distance phone service. This is an example of

A monopoly

Monopolistic Competition

Perfect Competition

Oligopoly

This market structure has 3-4 firms who dominate 70-80% of the industry.

Monopoly

Monopolistic Competitio

Perfect Competitio

Oligopoly

10.

Which market structure involves selling identical products?

Perfect Competition

Monopolistic Competition

Oligopoly

Monopoly

11.

A perfect competitive firm charges a price that is ____________.

different to other firms

higher than other firms

lower than other firms

similar to other firms

12.

The market for milk is an example of perfect competition. Why?

Sellers offer a nearly identical product

Anyone can start a dairy farm or leave the dairy business at any time

Many people buy and sell milk

All of the above

13.

Under perfect competition , each firm is a

Price maker

Price taker

Neither a and b

Both a and b

14.

Indian Railways is an example of __________ market.

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

15.

There are high barriers to entry of new firms in an _______________ market

Perfect Competition

Monopolistic Competition

Oligopoly

16.

Which of the following is a close example of a perfectly competitive market.

diamonds

sports shoes

soft drinks

farming

17.

An industry with a large number of firms, differentiated products, and free entry and exit is called ________________.

oligopoly

monopoly

monopolistic competition

perfect competition

18.

Which of the following is an example of a monopolistically competitive industry?

wheat farming

colleges and universities

the local electricity producer

19.

In perfect competition, a firm maximizes profit in the short run by deciding

how much output to produce

whether or not to enter a market

what price to charge

how much capital to use

20.

Which of the following market types has the fewest number of firms?

perfect competition

monopoly

monopolistic competition

oligopoly

100 %

Market

Total questions: 20

Worksheet time: 15mins

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