Types of Economic Competition Quiz Explore various types of economic competition - perfect competition, monopolistic competition, oligopoly, and monopoly. Test your knowledge with these questions!
#1
Which of the following is not a type of economic competition?Perfect competition
Monopoly
Oligopoly
Socialist competition
#2
In perfect competition, how many firms are there in the market?One dominant firm
A few large firms
Numerous small firms
No firms
#3
Which type of competition involves a large number of sellers offering similar products?Monopoly
Oligopoly
Monopolistic competition
Perfect competition
#4
What characterizes monopolistic competition?A single seller dominating the market
Few sellers offering differentiated products
Numerous small firms offering identical products
A few sellers offering identical products
#5
What distinguishes oligopoly from perfect competition?Presence of a single seller
Homogeneous products
Few large firms dominating the market
No barriers to entry
#6
In which type of competition do firms have some control over the price of their products?Perfect competition
Monopoly
Oligopoly
Monopolistic competition
#7
Which of the following is an example of oligopoly?The market for wheat
The market for smartphones
The market for agricultural products
The market for basic healthcare services
#8
Which type of competition is often associated with barriers to entry?Perfect competition
Oligopoly
Monopoly
Monopolistic competition
#9
What is a characteristic of monopolistic competition?Homogeneous products
Many sellers offering identical products
High barriers to entry
Product differentiation
#10
Which type of competition often results in the highest level of economic efficiency?Perfect competition
Oligopoly
Monopoly
Monopolistic competition
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