Applied Economics - Market Structures Quiz

According to Republic Act 8293, can the government hold copyright for its work?

Borrowed materials included in a module are owned by the publisher and authors of the module.

What condition may a government agency impose for the exploitation of its work for profit?

Prior approval from the government agency is necessary for exploitation of work for ______.

Match the following roles with the person in the Senior HS Module Development Team:

Who is the Schools Division Superintendent?

Leonor Magtolis Briones is the Undersecretary of the Department of Education.

Who is responsible for Senior HS?

Which of the following is a key characteristic of monopolistic competition?

In a monopolistically competitive market, firms are price takers.

Name three factors that firms use to differentiate their products in a monopolistically competitive market.

In monopolistic competition, there is easy ________ and ________ into the market.

Match the following companies with their respective industry in a Monopolistic Competition market:

What gives firms in a monopolistically competitive market the power to charge higher prices?

In a monopolistically competitive market, consumers have no preference for one product over another.

What is the ultimate goal of firms in a monopolistically competitive market?

Which market structure is characterized by many sellers offering identical products?

Which of the following is a characteristic of a perfectly competitive market?

In a perfectly competitive market, individual sellers have the ability to set prices above the market equilibrium.

In a perfectly competitive market, individual producers can significantly influence the market price.

In the milk tea shop example, why can't sellers individually raise their prices without losing customers?

A market structure where producers offer products that are distinguished from each other but not perfect substitutes is called ______ competition.

What type of knowledge do both producers and consumers possess in a perfectly competitive market?

Match the market structure with its description:

In perfectly competitive markets, companies manufacture ______ products that are not branded.

Match the following concepts with their descriptions in a perfectly competitive market:

Cynthia and Vilma opening similar milk tea shops with different styles and packaging is an example of:

Which of the following scenarios best describes a perfectly competitive market?

Edward owning the only pizza shop in town and reducing production to increase prices is an example of perfect competition.

Which of the following is a defining characteristic of perfect competition?

Risk-taking is very important for the entrepreneur in a perfectly competitive market.

What factor determines prices in a perfectly competitive market?

Which of the following industries is an example of an oligopoly?

In an oligopoly, firms are price takers, meaning they have no control over the prices of their products.

What is a significant barrier to entry in an oligopoly market?

An ________ is a market structure dominated by a few firms supplying similar or differentiated products.

Match the characteristic with the market struture:

What is the primary goal of entrepreneurs in an oligopoly?

In perfect competition, an individual seller can easily increase the price of their product without losing customers.

What is one way a new business might try to attract customers in an oligopoly market?

What market structure is characterized by many companies selling similar products that can substitute each other?

In a monopolistic competition, consumers cannot prefer one product over another.

What term describes a market structure where several companies sell slightly different products?

In a market structure dominated by a single seller, this is known as a _____ market.

In oligopolies, market participants are classified as price:

Match the following terms with their definitions:

Oligopolies consist of many small firms each with equal market power.

What is the main reason for the emergence of oligopolies?