Imperfect Markets

Imperfect Markets

12th Grade

20 Qs

quiz-placeholder

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Imperfect Markets

Imperfect Markets

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Chris Swanson

Used 31+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Assume that the government regulates a monopoly so that it definitely won't have to subsidize the firm. In this case, regulators would set a price equal to:

Average variable cost

Average total cost

Average fixed cost

Marginal cost

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Compared to a perfectly competitive industry, a monopoly’s price and quantity will be which of the following?

P=Higher; Q=Same

P=Lower; Q=Same

P=Lower; Q=Higher

P=Higher; Q=Lower

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the main characteristics of oligopoly?
Few firms, independent, high barriers of entry
Few firms, interdependent, high barriers of entry 
Many firms, interdependent, low barriers of entry
Many firm, independent, low barriers of entry

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A monopoly introduces a technological innovation that lowers the marginal cost of production. The price of the good and the quantity are most likely to change in which of the following ways?

P=Decrease; Q=Increase

P=Decrease; Q=Decrease

P=Increase; Q=Increase

P=Increase; Q=Decrease

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

If a monopolist wants to sell a larger quantity of its good, it must

set a higher price

maintain the current price

set a lower price

implement new technology

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

In a normally functioning monopoly, if the firm's total revenue is falling, it marginal revenue must be

positive

negative

zero

greater than TR

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A formal organization of sellers or producers who cooperate on the production, pricing, and marketing of a product

Imperfect competition

Monopoly

Cartel

Market structure

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