Market Structures and Competition in Economics Quiz
Test your knowledge on various market structures & competition types in economics with this Industrial Organization quiz.
#1
Which market structure is characterized by a large number of sellers and buyers, homogeneous products, and free entry and exit?
Monopoly
Oligopoly
Perfect competition
Monopolistic competition
#2
In which market structure do a few firms dominate the market, and there are significant barriers to entry?
Perfect competition
Oligopoly
Monopoly
Monopolistic competition
#3
What is a characteristic of a monopoly?
Many firms competing
Identical products
Price taker
Single seller
#4
Which market structure exhibits the highest level of market power?
Perfect competition
Monopoly
Oligopoly
Monopolistic competition
#5
What is a characteristic of monopolistic competition?
Homogeneous products
Few firms dominating the market
High barriers to entry
Product differentiation
#6
Which market structure typically leads to the highest level of product differentiation?
Perfect competition
Monopoly
Oligopoly
Monopolistic competition
#7
What is a characteristic of an oligopoly?
Many firms with identical products
A few firms with differentiated products
A single firm dominating the market
Free entry and exit
#8
Which market structure tends to have the highest barriers to entry?
Perfect competition
Monopoly
Oligopoly
Monopolistic competition
#9
What is a characteristic of a natural monopoly?
Many small firms competing
One dominant firm
High degree of product differentiation
Low barriers to entry
#10
What is a characteristic of a contestable market?
High barriers to entry
Low barriers to entry
Limited product differentiation
Few firms dominating the market
#11
What is a characteristic of a monopolistically competitive market?
Few firms with homogeneous products
High barriers to entry
Many firms with differentiated products
Single seller dominating the market
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