Review the table and answer the question. Which industry is in a perfectly competitive market in a country with a market economy?
Quiz on Market Competition

Quiz
•
Social Studies
•
12th Grade
•
Medium
Franklin Goodwin
Used 1+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Country 1’s petroleum industry
Country 2’s petroleum industry
Country 1’s computer industry
Country 2’s computer industry
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A popular social media influencer creates a series of videos promoting a new skin care product. What economic impact is this MOST LIKELY to have?
It will likely lead to an increase in the price of the product.
It will likely lead to an increase in taxation of the product.
It will likely lead to a decrease in demand for the product.
It will likely lead to a decrease in production of the product.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Use the graph to answer the question. If the market for Product X is a monopoly, how might the business that produces Product X raise the equilibrium price of the product?
The business can increase production of product X, because doing so would shift the supply curve left and create a surplus.
The business can increase production of product X, because doing so would shift the supply curve right and create a shortage.
The business can decrease production of product X, because doing so would shift the supply curve right and create a surplus.
The business can decrease production of product X, because doing so would shift the supply curve left and create a shortage.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Read the passage and answer the question. Darryl owns and operates Darryl’s Dings and Dents, an auto repair shop where he repairs collision damage. Recently he was served with a lawsuit naming both him and the shop as defendants. The plaintiff claims that Darryl incorrectly reattached a fender on the plaintiff’s car. The fender came loose while the plaintiff was driving, causing it to hit and damage the plaintiff’s wheel and the plaintiff’s car to strike a guardrail. The plaintiff was severely injured and is seeking damages of over $500,000. Darryl’s personal assets would be LEAST protected from the lawsuit if Darryl’s Dings and Dents was organized as
a limited liability partnership.
a corporation.
a sole proprietorship.
a limited liability company.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why might the owner of a new technology business decide to incorporate her company as a corporation rather than operating as a sole proprietorship?
She wants to simplify the tax process for her company.
She wants to maintain complete control over her company.
She wants to hire employees to work for her company.
She wants to raise capital by selling stock in her company.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In which situation will the quantity demanded in the market for a particular product exceed the quantity supplied for that product?
when the government creates a price floor that is equal to the market price for the product
when the government creates a price floor that is higher than the market price for the product
when the government creates a price ceiling that is equal to the market price for the product
when the government creates a price ceiling that is lower than the market price for the product
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Use the graph to answer the question. What would happen to the equilibrium price of Product X if the supply of Product X increased?
It would rise.
It would fall.
It would fluctuate.
It would stay the same.
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