Economics: Pure Competition
Authored by Elissa Burgess
Social Studies
9th - 12th Grade
Used 140+ times
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25 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Market structure in which a large # of firms produce the same product no single seller controls
Outstanding competition
Solid Competition
Pure Competition
None of the above None of the above
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Product , like petroleum or milk, that is considered the same regardless of who produces it.
Constant Product
Commodity
Consistent Product
Steady Product Steady Product
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Factor that makes it difficult for new firms to enter a market
Trade Wall
Trade Gate
Barrier to entry
Trade Stand off Trade Stand off
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The expenses a new business must pay before it can begin to produce and sell goods
Roll out fees
up front payments
start-up costs
Seed Money
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
This market structure has a large number of buyers and sellers with identical products.
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which market structure has the lowest barrier to entry?
Perfect Competition
Monopoly
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Perfect competition is sometimes called "Pure" competition because:
Products are identical and price is purely set by the market
A government agency sets price floors for all products in that market
A few large firms dominate the market with their slightly differentiated products
There is only one seller, so the competition is perfect
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