Market Structures
Quiz by Eric Hale
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33 questions
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- Q1What term describes a market structure characterized by many firms competing with similar but not identical products?MonopolyOligopolyMonopolistic competitionPerfect competition30s
- Q2What is a key characteristic of an oligopoly?Complete price controlLarge number of sellersInterdependence among firmsNo barriers to entry30s
- Q3What describes a market with only one seller and no close substitutes for the product?Monopolistic competitionOligopolyPerfect competitionMonopoly30s
- Q4Which term refers to a market structure with many buyers and sellers, where firms sell identical products?Monopolistic competitionMonopolyPerfect competitionOligopoly30s
- Q5In which market structure do firms have some control over the price of their product due to brand differentiation?Perfect competitionMonopolistic competitionOligopolyMonopoly30s
- Q6What is the term for the barriers that prevent new firms from entering a market?Consumer surplusMarket saturationBarriers to entryPrice elasticity30s
- Q7What market structure is characterized by a few firms that have significant control over market prices and often engage in collusion?Monopolistic competitionOligopolyMonopolyPerfect competition30s
- Q8Which term describes the situation where a single firm is the only provider of a product or service in a market?Monopolistic competitionPerfect competitionOligopolyMonopoly30s
- Q9What is the primary characteristic of perfect competition?Few sellersPrice control by firmsIdentical productsHigh barriers to entry30s
- Q10What market structure is defined by a single seller who controls the total supply of a product or service?DuopolyOligopolyMonopolistic competitionMonopoly30s
- Q11Which of the following is an example of perfect competition?a few tech firms dominating the marketa car manufacturer with unique modelsa single utility companya farmer's market with many sellers of the same fruit30s
- Q12Which of the following is an example of an oligopoly market structure?the local bakerythe stock marketthe smartphone industrythe agriculture market30s
- Q13What is a key characteristic of a monopoly market structure?many sellers compete for customersone seller controls the entire marketproducts are identicaleasy entry and exit for firms30s
- Q14
Which of the following is an example of a commodity?
Smartphones
Branded sod
Designer clothes
Wheat
30s - Q15What is a government monopoly?An industry with no barriers to entryA firm with a patent protecting its productA market with many sellers competingA monopoly that is controlled by the government30s