Colin's KTV is one of the many entertainment businesses in the country and he has a downward sloping demand curve. Which market structure is this?

Market Structures

Quiz
•
Education
•
12th Grade - University
•
Hard

Ker Sing Ho
Used 4+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Perfect Competition
Oligopoly
Monopolistic Competition
Monopoly
2.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
In a perfect competition market structure, when firms join or leave due to ________ barriers to entry, market __________ will change/shift.
high / demand
free / demand
high / supply
free / supply
3.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Which of the market structures will have possibility to sustain or make 'supernormal profit' in the long run?
Perfect Competition
Oligopoly
Monopolistic Competition
Monopoly
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Karen uses both price and product differentiation to compete with her business rivals. What market structure does her business operate in?
Perfect Competition
Oligopoly
Monopolistic Competition
Monopoly
5.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
ABC business is one of the few large firms in the country. If it increases his price, his competitors tend to __________. If it decreases his price, his competitors tend to ____________. Hence, ABC will ___________ its price in order to compete.
follow / follow / change
not follow / follow / change
not follow / follow / maintain
follow / not follow / maintain
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When P=MR=AR, what market structure is this?
Perfect Competition
Oligopoly
Monopolistic Competition
Monopoly
7.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Which market structures would have MR lower than its Price?
Perfect Competition
Oligopoly
Monopolistic Competition
Monopoly
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