Abigail, Hannah, and Nora are studying different types of markets in their economics class. What is the driving question they should ask when studying these market structures?
Economics: Market Structures

Quiz
•
Other
•
12th Grade
•
Medium
Used 11+ times
FREE Resource
13 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the level of competition between participants in the market?
What is the total revenue of the market?
How many products are available in the market?
How many buyers are there in the market?
Answer explanation
The driving question for studying market structures is to determine the level of competition between participants in the market.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Anika, Rohan, and Oliver are discussing about different market structures. They are trying to identify in which market structure do firms have the most economic freedom and power according to consumers. Can you help them?
Oligopoly
Monopoly
Monopolistic Competition
Perfect Competition
Answer explanation
Perfect Competition is the market structure with the most economic freedom and power according to consumers.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Aria, Emma, and Samuel started a lemonade stand. What is their main incentive to produce and sell lemonade?
Increase efficiency of their lemonade stand
Minimize production when lemonade prices are low
Minimize opportunity costs
Maximize production when lemonade prices are high
Answer explanation
The main incentive for firms is to maximize production when prices are high.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
William, Samuel, and David are all running lemonade stands in their neighborhood. They are all selling the same lemonade, and anyone can easily set up their own lemonade stand. Which market structure does this scenario represent?
Monopoly
Oligopoly
Perfect Competition
Monopolistic Competition
Answer explanation
Perfect competition is a market structure with many sellers producing identical products and easy market access.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Avery, Nora, and Ava are studying the business model of a large corporation in their economics class. They notice that this corporation is the only major player in its industry. According to their studies, what could be the main factor contributing to this corporation's monopoly status?
High barriers to entry
Predatory business practices
Control of resources
Economies of scale
Answer explanation
The main factor contributing to the formation of monopolies is high barriers to entry, which prevent new competitors from entering the market and establishing competition.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Ava, Sophia, and Liam are studying the market structures in their economics class. They learned about a market structure where a few very large firms compete with each other for controlling most of the market. Can you recall the name of this market structure?
Oligopoly
Monopolistic Competition
Monopoly
Perfect Competition
Answer explanation
Oligopoly is characterized by a few large firms competing for market control.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Scarlett, Aria, and Nora are studying different types of market structures in their economics class. They came across a term used for firms that dominate their particular industry, having an overwhelming market share. What is this term?
Natural Monopoly
Oligopoly
Legal Monopoly
Monopolistic Competition
Answer explanation
Legal Monopoly refers to firms that have an overwhelming market share in their industry. They have exclusive rights granted by the government, giving them a monopoly position.
Create a free account and access millions of resources
Similar Resources on Quizizz
8 questions
Types of Markets

Quiz
•
10th - 12th Grade
13 questions
Market Structures/Supply & Demand Quiz

Quiz
•
12th Grade
15 questions
Oligopoly

Quiz
•
9th - 12th Grade
13 questions
7.2 Monopolistic Competition and Oligopoly

Quiz
•
9th - 12th Grade
10 questions
Monopoly, Oligopoly, Pure Competition

Quiz
•
12th Grade
14 questions
Market Structure Quiz

Quiz
•
12th Grade
12 questions
Applied Economics

Quiz
•
12th Grade
12 questions
Market Structure Quiz

Quiz
•
12th Grade
Popular Resources on Quizizz
15 questions
Multiplication Facts

Quiz
•
4th Grade
25 questions
SS Combined Advisory Quiz

Quiz
•
6th - 8th Grade
40 questions
Week 4 Student In Class Practice Set

Quiz
•
9th - 12th Grade
40 questions
SOL: ILE DNA Tech, Gen, Evol 2025

Quiz
•
9th - 12th Grade
20 questions
NC Universities (R2H)

Quiz
•
9th - 12th Grade
15 questions
June Review Quiz

Quiz
•
Professional Development
20 questions
Congruent and Similar Triangles

Quiz
•
8th Grade
25 questions
Triangle Inequalities

Quiz
•
10th - 12th Grade
Discover more resources for Other
40 questions
Week 4 Student In Class Practice Set

Quiz
•
9th - 12th Grade
40 questions
SOL: ILE DNA Tech, Gen, Evol 2025

Quiz
•
9th - 12th Grade
20 questions
NC Universities (R2H)

Quiz
•
9th - 12th Grade
25 questions
Triangle Inequalities

Quiz
•
10th - 12th Grade
65 questions
MegaQuiz v2 2025

Quiz
•
9th - 12th Grade
10 questions
GPA Lesson

Lesson
•
9th - 12th Grade
15 questions
SMART Goals

Quiz
•
8th - 12th Grade
45 questions
Week 3.5 Review: Set 1

Quiz
•
9th - 12th Grade