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Economics: Market Equilibrium and Structure

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Economics: Market Equilibrium and Structure

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Questions and Answers

What is the primary consequence of a lack of competition in a market?

Increased government revenue

Improved product safety

Higher prices and reduced consumer choice (correct)

Increased consumer choice

What is the primary objective of government regulations in a market economy?

To promote monopolies

To protect consumers from fraudulent practices (correct)

To increase government revenue

To reduce competition

What is the primary objective of the Pantawid Pamilyang Pilipino Program (4Ps)?

To support microentrepreneurs and small business owners

To promote product safety

To provide emergency employment opportunities

To alleviate poverty among the poorest Filipino families (correct)

What is the primary goal of income redistribution policies in a market economy?

To reduce income inequality Signup and view all the answers

What is the role of households in the circular flow of the economy?

Suppliers of factors of production and demanders of goods and services Signup and view all the answers

What is the primary reason for government intervention in market activities?

To ensure that markets are characterized by perfect competition Signup and view all the answers

What is the primary characteristic of the factor market in the circular flow of the economy?

It is where factors of production are traded Signup and view all the answers

What is a characteristic of a perfect competition market structure?

There are many buyers and sellers, and no single entity has the power to influence the market Signup and view all the answers

What is an example of a market classified as an oligopoly?

The internet market in the Philippines, where prices are relatively high and similar among providers Signup and view all the answers

What is the purpose of government intervention in markets with perfect competition?

To ensure that markets continue to run smoothly Signup and view all the answers

What would happen if there is no competition in a market?

Monopolies or oligopolies would form Signup and view all the answers

What is the role of the government in ensuring competition in markets?

To prevent monopolies or oligopolies from forming Signup and view all the answers