Types of Competition

Quiz
•
Social Studies
•
University
•
Medium

Katie Lotz
Used 27+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Perfectly competitive markets sell
differentiated products
homogenous products
a combination of differentiated and homogenous products
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The market demand curve for a perfectly competitive industry is
horizontal
downward sloping
vertical
upward sloping
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
All firms will maximize profit where
MR = MC
MR > MC
MR < MC
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not a problem that we see with monopolies?
higher prices
lower output
rent seeking
innovation
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Monopolies are guaranteed to make a profit.
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A key characteristic of monopolistically competitive firms is
barriers to entry
few buyers and sellers
differentiated products
long-run economic profits
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A key characteristic of oligopolistic firms is
no barriers to entry or exit
interdependence between firms
no long run economic profits
differentiated products
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