#1
Which of the following is not a type of economic competition?
Socialist competition
ExplanationSocialist competition is not a recognized type of economic competition.
#2
In perfect competition, how many firms are there in the market?
Numerous small firms
ExplanationPerfect competition is characterized by numerous small firms competing in the market.
#3
Which type of competition involves a large number of sellers offering similar products?
Perfect competition
ExplanationPerfect competition involves a large number of sellers offering similar products.
#4
What characterizes monopolistic competition?
Few sellers offering differentiated products
ExplanationMonopolistic competition is characterized by few sellers offering differentiated products.
#5
What distinguishes oligopoly from perfect competition?
Few large firms dominating the market
ExplanationOligopoly is distinguished by few large firms dominating the market, unlike perfect competition.
#6
In which type of competition do firms have some control over the price of their products?
Monopolistic competition
ExplanationFirms have some control over the price of their products in monopolistic competition.
#7
Which of the following is an example of oligopoly?
The market for smartphones
ExplanationThe market for smartphones is an example of an oligopoly.
#8
Which type of competition is often associated with barriers to entry?
Monopoly
ExplanationMonopoly is often associated with barriers to entry.
#9
What is a characteristic of monopolistic competition?
Product differentiation
ExplanationMonopolistic competition is characterized by product differentiation.
#10
Which type of competition often results in the highest level of economic efficiency?
Perfect competition
ExplanationPerfect competition often results in the highest level of economic efficiency.