Quiz on Competition and Market Power

Quiz on Competition and Market Power

11th Grade

14 Qs

quiz-placeholder

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Quiz on Competition and Market Power

Quiz on Competition and Market Power

Assessment

Quiz

Business

11th Grade

Hard

Created by

Maria MBE

FREE Resource

14 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a small town, Nick, Mia, Angela and Avery run competing coffee shops. What is competition in economics?

A market with no barriers to entry

Rivalry between firms to sell goods

A type of product differentiation

A situation with one dominant seller

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What characterizes an oligopoly?

Many small firms

One dominant seller

A few large firms controlling the market

No barriers to entry

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a small town, Ethan owns the only bakery, making him the sole provider of fresh bread and pastries. What is this situation called?

A type of price competition

A market with low barriers to entry

Monopoly - a situation with one dominant seller

A market with many competitors

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a natural monopoly?

A market with many small firms

A situation where one firm can serve the entire market at a lower cost

A type of collusion between firms

A market with high competition

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does 'price maker' refer to?

A firm that sets the price in the market

A firm that has no competitors

A firm that cannot influence market price

A firm that engages in price wars

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

William and Aiden are business owners who have secretly agreed to set prices for their products to avoid competition. What is this practice called?

Collusion - formal agreements to restrict competition

A type of market entry barrier

A situation with many competitors

A method of product differentiation

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a competitive market?

Pharmaceutical industry

Automobile industry

Telecommunications

Agricultural markets

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