
Hayek's Insights on Competition

Interactive Video
•
Business, Philosophy, Social Studies
•
11th - 12th Grade
•
Hard

Patricia Brown
FREE Resource
Read more
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What fundamental question does Hayek start with in his discussion on competition?
How to maximize profits?
What is competition?
Why do markets fail?
How to achieve monopoly?
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a characteristic of perfect competition?
Firms can influence price
Homogeneous product
Complete market information
Many small sellers
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why do many economists consider perfect competition an analytical ideal?
It encourages price fixing
It allows for monopoly power
It maximizes consumer gains
It limits market entry
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to Hayek, what is assumed away by the theory of competitive equilibrium?
The role of government
The process of competition
The need for innovation
The importance of advertising
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does Hayek believe is the essence of competition?
Static market conditions
Government regulation
Discovery and knowledge
Price setting by firms
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does Hayek emphasize as a key feature of competition?
Government intervention
Price stability
Market saturation
Rivalry and active competition
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What should be the focus according to Hayek's practical lesson on competition?
Whether competition exists at all
Market share distribution
The number of firms in a market
Exact price matching
Create a free account and access millions of resources
Similar Resources on Wayground
8 questions
Swatch CEO Surprised by Success of the MoonSwatch

Interactive video
•
University
6 questions
3rd Place- 2012 AP Econ Video- Rolling in the Green (Monopolistic Competition)

Interactive video
•
11th Grade - University
8 questions
Nasdaq CEO Adena Friedman on the Market Economy

Interactive video
•
University
6 questions
VOICED: Risking lives in quest for Borneo gold

Interactive video
•
10th Grade - University
6 questions
Understanding Neoliberalism

Interactive video
•
11th - 12th Grade
11 questions
Keynesian vs. Hayekian Economic Theories

Interactive video
•
11th - 12th Grade
7 questions
Understanding Austrian Economics and Credit Bubbles

Interactive video
•
10th - 12th Grade
11 questions
Market Exchange Concepts and Pricing

Interactive video
•
11th - 12th Grade
Popular Resources on Wayground
20 questions
Brand Labels

Quiz
•
5th - 12th Grade
10 questions
Ice Breaker Trivia: Food from Around the World

Quiz
•
3rd - 12th Grade
25 questions
Multiplication Facts

Quiz
•
5th Grade
20 questions
ELA Advisory Review

Quiz
•
7th Grade
15 questions
Subtracting Integers

Quiz
•
7th Grade
22 questions
Adding Integers

Quiz
•
6th Grade
10 questions
Multiplication and Division Unknowns

Quiz
•
3rd Grade
10 questions
Exploring Digital Citizenship Essentials

Interactive video
•
6th - 10th Grade