12 Questions
What is the primary consequence of a lack of competition in a market?
Higher prices and reduced consumer choice
What is the primary objective of government regulations in a market economy?
To protect consumers from fraudulent practices
What is the primary objective of the Pantawid Pamilyang Pilipino Program (4Ps)?
To alleviate poverty among the poorest Filipino families
What is the primary goal of income redistribution policies in a market economy?
To reduce income inequality
What is the role of households in the circular flow of the economy?
Suppliers of factors of production and demanders of goods and services
What is the primary reason for government intervention in market activities?
To ensure that markets are characterized by perfect competition
What is the primary characteristic of the factor market in the circular flow of the economy?
It is where factors of production are traded
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
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
What is the purpose of government intervention in markets with perfect competition?
To ensure that markets continue to run smoothly
What would happen if there is no competition in a market?
Monopolies or oligopolies would form
What is the role of the government in ensuring competition in markets?
To prevent monopolies or oligopolies from forming
Test your understanding of market equilibrium and disequilibrium, including the impact of fixed prices, and explore the classification of markets, including perfect and imperfect markets. Learn about the interactions between buyers and sellers in different market structures.
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