Market Structures Test
Authored by Alan Green
Social Studies
9th - 12th Grade
Used 87+ times
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
This market structure has many firms, identical products, no barriers to entry, & price takers
Perfect Competition
Monopoly
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In this market, one firm controls the market, there are very high barriers to entry, price makers, & there are no available substitutes
Perfect Competition
Oligopoly
Monopoly
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
This market has some 25-75 firms selling slightly differentiated products, some price control, & low barriers to entry
Oligopoly
Monopoly
Monopolistic Competition
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In this market, 2-24 firms control the market, products can be slightly differentiated, there are high barriers to entry, & lots of control over price
Monopoly
Oligopoly
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
a formal organization of producers that agree to coordinate prices and production...
Monopoly
Oligopoly
Cartel
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Non-price Competition is...
a market that runs most efficiently when one large firm supplies all of the output; when competition would create chaos
a formal organization of producers that agree to coordinate prices and production
competing on a basis other than price such as fragrance, location, color
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Natural Monopoly is...
25-75 firms selling slightly differentiated products; some price control; low barriers to entry
a market that runs most efficiently when one large firm supplies all of the output; when competition would create chaos
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