
Understanding Market Structures
Quiz
•
Business
•
10th Grade
•
Practice Problem
•
Hard
BERHANU GIRMA
Used 1+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
What are the four main types of market structures?
Monopoly, duopoly, perfect competition, competitive market
Monopolistic monopoly, perfect competition, oligopoly, market failure
Perfect competition, monopolistic competition, oligopoly, monopoly
Perfect monopoly, oligopolistic competition, duopoly, perfect competition
2.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
Define perfect competition and its characteristics.
A market structure with high barriers to entry and limited information.
A market where firms can set prices independently of each other.
Perfect competition is a market structure with many small firms, identical products, free entry and exit, and perfect information.
A market with a single seller and differentiated products.
3.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
What is monopolistic competition? How does it differ from perfect competition?
Monopolistic competition involves a single firm selling a unique product.
Perfect competition allows for product differentiation among firms.
Monopolistic competition has fewer firms than perfect competition.
Monopolistic competition is a market structure with many firms selling differentiated products, differing from perfect competition where firms sell identical products.
4.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
Explain the concept of monopoly and its impact on consumers.
Monopoly negatively impacts consumers by leading to higher prices, fewer choices, and potentially lower quality of goods and services.
Monopoly has no effect on consumer choices or prices.
Monopoly leads to lower prices and better quality for consumers.
Monopoly increases competition among businesses.
5.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
What are the key features of an oligopoly?
Homogeneous products with no differentiation
Key features of an oligopoly include few firms, interdependence, barriers to entry, product differentiation, and potential for collusion.
No barriers to entry and perfect competition
Many firms with no market power
6.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
How do barriers to entry affect market structures?
Barriers to entry shape market structures by influencing the level of competition and pricing within the market.
Barriers to entry eliminate all competition in a market.
Barriers to entry only affect consumer preferences.
Barriers to entry have no impact on pricing strategies.
7.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
What role does price elasticity play in different market structures?
Price elasticity is constant across all market structures.
Price elasticity varies by market structure: highly elastic in perfect competition, less elastic in monopoly, and variable in oligopoly.
Price elasticity is the same in perfect competition and oligopoly.
Price elasticity is irrelevant in monopoly markets.
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