Unit 3 EPF Review
Quiz by MICHELLE CUMMINGS
High School
Economics and Personal Finance (2020)
South Carolina Learning Standards
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37 questions
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- Q1In which type of market structure do firms have the most control over prices?Monopolistic CompetitionMonopolyOligopolyPerfect Competition30sEPF.3.IN
- Q2Which market structure is characterized by many firms selling similar but not identical products?OligopolyMonopolyMonopolistic CompetitionPerfect Competition30sEPF.3.IN
- Q3Which market structure features few firms that have significant impact on each other’s pricing and output decisions?MonopolyMonopolistic CompetitionPerfect CompetitionOligopoly30sEPF.3.IN
- Q4In which market structure do firms accept the market price as given, with no ability to influence it?Monopolistic CompetitionOligopolyPerfect CompetitionMonopoly30sEPF.3.IN
- Q5How does a monopolistic firm determine the profit-maximizing price and output level?By matching the industry's average priceBy looking at competitors' pricesBy setting marginal cost equal to marginal revenueBy equating price to average total cost30sEPF.3.IN
- Q6Which market structure is most likely to lead to the lowest prices for consumers?Perfect CompetitionMonopolyMonopolistic CompetitionOligopoly30sEPF.3.IN
- Q7In which market structure do firms have significant barriers to entry?OligopolyPerfect CompetitionMonopolistic CompetitionMonopoly30sEPF.3.IN
- Q8Which market structure is characterized by strategic behavior among firms due to the small number of competitors?OligopolyPerfect CompetitionMonopolistic CompetitionMonopoly30sEPF.3.IN
- Q9What is the primary function of the price mechanism in a market economy?To allocate resources efficientlyTo determine government policiesTo eliminate competitionTo control production levels30sEPF.3
- Q10What effect does a surplus have on the market price of a good?The market will face a shortageThe market price will stay the sameThe market price will increaseThe market price will decrease30sEPF.3
- Q11Which of the following is an example of an opportunity cost?The number of hours a person works in a weekThe total income earned from a part-time jobThe amount of money spent on a concert ticketChoosing between studying for a test and going out with friends30sEPF.3
- Q12What is the law of demand?Supply and demand are always equal in the marketWhen the price of a good increases, the quantity demanded decreasesWhen the price of a good increases, the quantity demanded also increasesWhen the price of a good decreases, the quantity demanded decreases30sEPF.3
- Q13What is a likely result of imposing a price ceiling below the equilibrium price?A shortage of the goodA decrease in demandAn increase in productionA surplus of the good30sEPF.3
- Q14What happens to the supply curve when there is a technological advancement in production?The supply curve shifts to the rightThe supply curve becomes flatterThe supply curve becomes steeperThe supply curve shifts to the left30sEPF.3
- Q15Which factor would cause the demand curve for a normal good to shift to the right?A decrease in the number of consumersAn increase in consumer incomeA decrease in the price of a substitute goodA decrease in consumer preferences for the good30sEPF.3