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Competitive and non competitive markets

Total questions: 55

Worksheet time: 31mins

Name
Class
Date
1.

Which is the correct spelling

a)

oligopolly

b)

oligopoly

c)

olligopoly

2.

Which is a characteristic of a competitive market?

a)

few sellers, many buyers

b)

lots of buyers, few sellers

c)

lots of buyers and sellers

3.

Something that prevents you starting a business

a)

barrier to entry

b)

barrier to profit

c)

barrier to innovate

4.

More firms entering a market will cause the demand curve for an individuals firm to...

a)

shift left

b)

shift right

c)

neither

5.

How do consumers benefit from competitive markets?

a)

lots of innovative products

b)

high prices

c)

lots of tax

d)

low prices

6.

Consumers have less choice with competitive markets

a)

true

b)

false

7.

Competitive markets encourage firms to be more efficient

a)

true

b)

false

8.

Governments get lots of tax revenue from competitive markets because they earn lots of profit

a)

true

b)

false

9.

Skilled workers, copyright, start up and capital costs right, start up and capital costs are examples of....

a)

competitive markets

b)

profit benefits

c)

barriers to entry

d)

long term assets

10.

Which of the following is the the most competitive

a)

apples

b)

laptops

c)

schools

11.

Which is more competitive?

a)

soft drinks companies

b)

search engines

c)

womens clothing brands

d)

budget airlines

12.

Which are non competitive

a)

perfect competition

b)

monopoly

c)

oligopoly

13.

A monopoly will only exist throughout the whole country

a)

true

b)

false

14.

Non competitive markets can often set the (a)   themselves, with little preventing them from setting them as high as they like

15.

Legally, a monopoly exists when one particular provider has at least (a)   % of the market share.

16.

Which supermarket made up the 5th largest firm in the supermarket oligopoly?

(a)  

17.

Which tax do businesses pay out of profit?

a)

income tax

b)

excise duties

c)

corporation tax

d)

national insurance

18.

There may be a number of reasons which prevent other businesses entering a non competitive market. The existing business may benefit from customer (a)  

19.

How could a petrol station who is in an oligopoly differentiate?

a)

offer more goods in the shop

b)

sell their own fuel

c)

offer different prices

d)

not charge tax

20.

Which was a statutory monopoly?

a)

schools

b)

sky tv

c)

british gas

d)

welsh water

21.

For an oligopoly, what is the minimum amount of market share that the 4 or 5 main firms have to hold?

a)

25%

b)

50%

c)

75%

d)

85%

22.

Agreeing to set prices and output between main oliogopoly firms is called....

a)

proluding

b)

predatory pricing

c)

price discrimination

d)

colluding

23.

Which firms could form a monopoly and an oligopoly?

a)

Nike

b)

Tesco

c)

Odeon

d)

Cadburys

24.

Youtube have no competition at all

a)

true

b)

false

25.

Firms in non competitive markets may be able to earn large (a)  

26.

Governments can receive large amounts of tax (a)   from non competitive firms if they earn profit

27.

How can governments prevent firms from getting too large?

a)

stop them merging with other firms

b)

stop them from advertising completely

c)

tax them more as punishment

d)

trying to split them up

28.

How do consumers benefit from non competitive markets?

a)

innovation

b)

good quality

c)

higher prices

d)

more tax revenue

29.

Which of these is not needed for a competitive market

a)

barriers to entry

b)

many sellers

c)

perfect information

d)

lots of buyers

30.

If more firms enter a non competitive market, how can this impact an existing firms prices?

a)

they will go up

b)

they will have to reduce

c)

nothing as they wont reduce prices just because there are new firms

31.

Oligopolies and monopolies have strong....choose all that apply

a)

products

b)

marketing

c)

branding

d)

customers

32.

How do firms in oligopolies get you to buy from them?

a)

creating a strong brand

b)

loyalty cards

c)

lots of differentiation

d)

all of these

33.

How would coffee shops offer differentiation?

choose all that apply

a)

different flavoured coffee

b)

selling the same cakes as competitors

c)

advertising

d)

offering in store services like Wifi or a kids play area

34.

Which market structure is this a characteristic of:

Low barriers to entry

a)

perfect competition

b)

oligopoly

c)

monopoly

d)

all of them

35.

Which market structure is this a characteristic of:

Market dominance

a)

perfect competition

b)

oligopoly

c)

monopoly

d)

all of them

36.

Which market structure is this a characteristic of:

Perfect information

a)

perfect competition

b)

oligopoly

c)

monopoly

d)

all of them

37.

Which market structure is this a characteristic of:

Set the amount of products available to the market 

a)

perfect competition

b)

oligopoly

c)

monopoly

d)

all of them

38.

Which market structure is this a characteristic of:

Lots of substitutes

a)

perfect competition

b)

oligopoly

c)

monopoly

d)

all of them

39.

Which market structure is this a characteristic of:

4-5 main firms

a)

perfect competition

b)

oligopoly

c)

monopoly

d)

all of them

40.

Which market structure is this a characteristic of:

Benefits consumers with low price and choice

a)

perfect competition

b)

oligopoly

c)

monopoly

d)

all of them

41.

Which market structure is this a characteristic of:

some barriers to entry

some control over prices

a)

perfect competition

b)

oligopoly

c)

monopoly

d)

all of them

42.

Which example of market structure are these

petrol stations, cinemas, games consoles

a)

perfect competition

b)

oligopoly

c)

monopoly

d)

all of them

43.

Which market structure is this a characteristic of:

can avoid paying taxes if they have clever accountants

a)

perfect competition

b)

oligopoly

c)

monopoly

d)

all of them

44.

Which market structure is this a characteristic of:

lots of product differentiation

a)

perfect competition

b)

oligopoly

c)

monopoly

d)

all of them

45.

Which market structure is this a characteristic of:

little opportunity or incentive to innovate

a)

perfect competition

b)

oligopoly

c)

monopoly

d)

all of them

46.

Which market structure is this a characteristic of:

uses a lot of non price competition methods

a)

perfect competition

b)

oligopoly

c)

monopoly

d)

all of them

47.

Other examples of markets include:

a)

elasticity

b)

catalogues

c)

labour market

d)

costs, revenue

48.

Firms can have a monopoly over local employment

a)

true

b)

false

49.

Data shows the Largest mortgage lenders in the United Kingdom (UK) in 2020, by market share. Who has the most market share?

a)

HSBC

b)

Nationwide

c)

Santander

d)

Lloyds

50.

What is the combined market share, as a %, for the top 4 firms?

(a)  

51.

According to the data, who has the most customers in Great Britain in 2019

a)

Adidas

b)

Nike

c)

Puma

d)

Converse

52.

What percentage of the market makes up the 3 firm oligopoly?

(a)  

53.

How much more percentage of market share does cineworld hold compared to showcase?

(a)  

54.

In october 2021, which firm had the most market share?

a)

Huawei

b)

Apple

c)

Samsung

55.

Which firm has held the most market share for the majority of time?

(a)  

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