AE WEEK 5

AE WEEK 5

12th Grade

15 Qs

quiz-placeholder

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AE WEEK 5

AE WEEK 5

Assessment

Quiz

Others

12th Grade

Practice Problem

Hard

Created by

Gell Corits

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the nature and degree of competition among firms operating in the same industry?

Product Differentiation

Collusion

Market Structure

Profit Maximization

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the market situation that includes independent and well-informed buyers and sellers of the same economic product?

Monopoly

Monopolistic Competition

Oligopoly

Pure Competition

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the market structure where there is only one seller of a particular economic product that has no close substitutes?

Monopoly

Oligopoly

Pure Competition

Monopolistic Competition

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the condition of pure competition where buyers and sellers deal in identical products?

Buyers and sellers can enter, conduct, or get out of business

Many buyers and sellers exist

Buyers and sellers are reasonably well-informed about the items for sale

Buyers and sellers deal in identical products

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the market structure that has all the conditions of pure competition except for all identical products?

Monopoly

Oligopoly

Pure Competition

Monopolistic Competition

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the characteristic of monopolistic competition where competitors attract customers by making their product a little different?

Product Differentiation

Independent Behavior

Profit Maximization

Non-price competition

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the market situation where very large sellers of a product dominate?

Monopoly

Oligopoly

Pure Competition

Monopolistic Competition

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