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ACTIVITY IN APPLIED ECONOMICS

Quiz by Orlando I. Pragas

Grade 12
Applied Economics
Philippines Curriculum: SHS Specialized Subjects (MELC)

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15 questions
Show answers
  • Q1

    Market structure refers to the competitive environment in which the buyers and sellers of a product operate.

    true
    false
    True or False
    60s
  • Q2

    Monopoly is a market structure in which there is only buyer of a product for which there are no close substitutes.

    false
    true
    True or False
    60s
  • Q3

    Oligopoly is a market structure in which there are few sellers of a product and additional sellers cannot easily enter the industry.

    true
    false
    True or False
    60s
  • Q4

    Under perfect competition, changes in market supply do not affect market price.

    false
    true
    True or False
    60s
  • Q5

    If a firm is small, produces a differentiated good for which there are many close substitutes, and it is easy to enter and exit the industry, then the firm is a monopolistic competitor.

    true
    false
    True or False
    60s
  • Q6

    Monopolistically competitive firms are price takers.

    false
    true
    True or False
    60s
  • Q7

    Monopolistically competitive firms face a downward-sloping demand curve.

    true
    false
    True or False
    60s
  • Q8

    Monopolists’ quantity of output will be lower to enable them to set up the price higher.

    true
    false
    True or False
    60s
  • Q9

    Perfect competition has less market power, price takers, free entry and exit, and perfect information.

    true
    false
    True or False
    60s
  • Q10

    The oligopoly has complete control over the amount offered for sale.

    false
    true
    True or False
    60s
  • Q11

    Which of the market structure an example of a farmers' market?

    Perfect competition

    Oligopoly

    Monopolistic competition

    Monopoly

    60s
  • Q12

    Which among the market structure involves the most competition?

    Monopoly

    Monopolistic competition

    Oligopoly

    Perfect competition

    60s
  • Q13

    Which of the following market structures has the largest number of firms trying to sell their products?

    Monopolistic competition

    Oligopoly

    Monopoly

    Perfect competition

    60s
  • Q14

    Each of the following is a condition necessary for the existence of perfect competition EXCEPT

    The goods or services being offered by one competing firm must be identical to those offered by other firms.

    There are barriers to entry in this type of market.

    There must be no control over price by any one firm.

    The goods or services must have many sellers available.

    60s
  • Q15

    What market structure wherein firms utilize non-price competition and product differentiation?

    Monopoly

    Perfect competition

    Monopolistic competition

    Oligopoly

    60s

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