WorksheetsUnit Two Lesson Seven Economics
Total questions: 20
Worksheet time: 10mins
A spillover or side effect of production or consumption
Monopoly
Oligopoly
Externality
Market effect
A situation in which the market fails to allocate resources efficiently
Market failure
Perfect Competition
Market structure
Capital failure
The organization of a market, based mainly on the degree of competition
Market failure
Land resource
Market structure
Oligopoly
A market structure in which many producers supply similar but varied products
Price floor
Market competition
Market controls
Monopolistic Competition
A market structure in which a single producer supplies a unique product that has no close substitutes
Monopoly
Perfect Competition
Oligopoly
Price controls
A market structure in which a few firms dominate the market and produce similar or identical goods
Oligopoly
Revenue
Monopoly
Rationality
A market structure in which many producers supply an identical product and no single producer can influence its price
Monopolistic competition
Market competition
Blue Market
Perfect Competition
Goods and services that are used collectively and that no one can be excluded from using
Private goods
Public goods
Externalities
Market goods
The most competitive market structure is
perfect competition.
Oligopoly
monopolistic competition
Monopoly
Which is not one of the four main characteristics of market structure?
number of producers
similarity of products
Ease of entry
Brand loyalty
Nearly perfect markets are beneficial because producers are as efficient as possible and
producers can sell at any price they choose
the quantity of goods produced is restricted.
consumers do not pay more for a product than it is worth
the price of a product bears no relationship to its production costs.
The most extreme version of imperfect competition is
Black Market
Monopoly
Oligopoly
monopolistic competition.
A monopoly can best be summed up as
few producers, similar products
many producers, identical products
many producers, similar but varied products
one producer, a unique product
What is a contract issued by a government entity that gives a firm a sole right to provide a good or service
a public franchise
a copyright
a license
a patent
If the four top producers together supply more than 60 percent of the total output.
Example of Monopoly
Example of Price Controls
Example of Oligopoly
Example of Rationality
Which of the following is a modern cartel?
Coca-Cola, Pepsi, and Dr Pepper Snapple Group
Organization of Petroleum Exporting Countries
Microsoft
Standard Oil Company
Which market structure do we encounter most often in our daily lives?
perfect competition
Oligopolies
monopolistic competition
No competition
Goods and services are not allocated in the most efficient way is an example of
Market goods
Perfect Competition
Market Failure
Capitalism
A student graduates from college and starts a profitable new business She creates jobs for three workers Those jobs are
a negative externality
a sign of market efficiency
a form of nonprice competition
a positive externality of her education
Public goods are
nonexcludable and nonrival in consumption.
excludable and rival in consumption.
excludable and nonrival in consumption
nonexcludable and rival in consumption
