Market Structures Test

Market Structures Test

Assessment

Flashcard

Social Studies, Life Skills

10th - 12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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15 questions

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1.

FLASHCARD QUESTION

Front

Businesses can "Collude" or work together to set prices. Options: Oligopoly, Monopoly, Perfect Competition

Back

Oligopoly

2.

FLASHCARD QUESTION

Front

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

Back

monopolistic competition

3.

FLASHCARD QUESTION

Front

An industry that is dominated by a few large firms is

Back

an oligopoly.

4.

FLASHCARD QUESTION

Front

In a perfectly competitive market, there would be numerous buyers and sellers.

Back

numerous buyers and sellers.

5.

FLASHCARD QUESTION

Front

Natural monopolies are businesses that provide such things as utilities, public transportation, and cable TV.

Back

provide such things as utilities, public transportation, and cable TV.

6.

FLASHCARD QUESTION

Front

Why do companies in monopolistic competition invest heavily in marketing?

Back

to differentiate their product from competitors

7.

FLASHCARD QUESTION

Front

Describe a monopoly

Back

A monopoly is a market structure where a single seller or producer controls the entire supply of a particular product or service.

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