Competition and Market Structures Chap 7 Lesson 1
Quiz by Peter Duesterbeck
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10 questions
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- Q1Pure competition is a theoretical ________________________________ that requires three conditions: very large numbers, identical products, and freedom of entry and exit.market structureproblem seteconomist mindsetalliance of power30s
- Q2________________________________ is a market structure having all conditions of pure competition except for identical products.Socialistic ideologyCapitalistic freefallMonopolistic competitionNonprice competition30s
- Q3___________________________________ is based on a product's appearance, quality, or design.Simplistic catch-n-releaseMarket structureSuperbowl advertisingNonprice competition30s
- Q4A market structure in which a few large sellers dominate and have the ability to affect prices in the industry is called a(n _______________________.pure competitionimperfect competitionoligopolymonopoly30s
- Q5_________________ is an illegal agreement among producers to fix prices, limit output, or divide markets.Guido's WayMob mentailitySnitchingCollusion30s
- Q6Which of the following do economists use to classify markets?type of productsize of firsmall of the abovenumber of firms30s
- Q7The market structure called perfect competition is best described as __________________.commonplacesmalltheoriticalnatural30s
- Q8What condition differentiates a market of pure competition from one of monopolistic competition?firmsproductscompetitionprice30s
- Q9If a shoe company pays a professional athlete to wear shoes it makes, it is an example of _________________________.imperfect competitionnonprice competitionproduct differentiationall of the above30s
- Q10Which market structure is defined by a single producer?oligopolymonopolypure competitionmonopolistic competition30s