Chapter 4

Chapter 4

University

15 Qs

quiz-placeholder

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Chapter 4

Chapter 4

Assessment

Quiz

Business, English

University

Medium

Created by

Huu Nguyen

Used 2+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

How many firms are there in a competitive market?

1

Many

2-5

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Why does no one firm dominate in a competitive market?

No firm wants to

Each firm sells to different people

Each firm produces so little of the total supply that they cannot influence prices

One firm will eventually dominate and make it a monopoly

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Factors that make it difficult for new firms to enter a market are called

Barriers to entry

Factors of production

Limited supply

Monopolistic Outlook

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which of the following industries is an example of a monopoly?

utilities/water

department stores

auto industry

commercial airlines

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which is NOT a characteristic of a monopoly?

Seller sets the market price

Firm sells a unique product

Entry into the market is easy

One seller

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Public utilities are an example of

Perfect Competition

Natural Monopoly

Monopolistic Competition

Oligopoly

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

In monopolistic competition there are many buyers and sellers

True

False

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