Lesson 4.1.5.1
4.1.5.1 Market structures Quiz: AQA Economics, Unit 1
20 questions
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Lesson 4.1.5.1, Market structures: 20 multiple choice questions for the AQA Economics (7136), Unit 1: Individuals, firms, markets and market failure, written with Revision Ninja.
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The 20 questions
-
Which market structure is at the opposite end of the competition spectrum from perfect competition?
- Oligopoly
- Duopoly
- Monopolistic competition
- Pure monopoly
-
Which of the following is a key factor used to distinguish between market structures?
- Price elasticity
- Marginal cost
- Ease of entry
- Consumer surplus
-
What is the degree of product differentiation for firms operating in perfect competition?
- None
- High
- Moderate
- Very high
-
Which market structure features a single seller, high barriers to entry, and no close substitutes?
- Monopolistic competition
- Pure monopoly
- Oligopoly
- Perfect competition
-
Unlike perfect competition, firms in monopolistic competition sell what type of products?
- Identical products
- Standardised products
- Homogeneous products
- Differentiated products
-
What effect do low barriers to entry have on the market power of existing firms?
- Reduces market power
- Has no effect
- Maximises market power
- Increases market power
-
A market has three firms with shares of 80%, 10% and 10%. The three-firm concentration ratio (CR3) is:
- 100%
- 80%
- 90%
- 20%
-
Five firms have market shares of 30%, 25%, 20%, 15% and 10%. The three-firm concentration ratio is:
- 85%
- 90%
- 65%
- 75%
-
Which market structure lies at the opposite end of the spectrum from perfect competition?
- Oligopoly
- Monopolistic competition
- Duopoly
- Pure monopoly
-
Which market structure is characterised by identical products, many buyers and sellers, and free entry?
- Oligopoly
- Monopolistic competition
- Perfect competition
- Monopoly
-
Which feature distinguishes an oligopoly from a monopolistically competitive market structure?
- Product differentiation
- Interdependence
- Many small sellers
- Low entry barriers
-
Which two market structures are characterised by containing a large number of competing firms?
- Perfect and oligopoly
- Oligopoly and monopoly
- Perfect and monopolistic
- Monopoly and duopoly
-
An increase in a market's five-firm concentration ratio indicates which change in structure?
- Greater competition
- Lower entry barriers
- Lower concentration
- Higher concentration
-
A market has 10 firms of equal size. What are CR1 and CR5?
- CR1 = 5% and CR5 = 25%
- CR1 = 10% and CR5 = 50%
- CR1 = 20% and CR5 = 100%
- CR1 = 50% and CR5 = 10%
-
Why are real-world market structures often difficult to classify into rigid theoretical models?
- Government regulation
- Identical costs
- Perfect information
- Blended features
-
Which of the following acts as a structural barrier to entry in a market?
- Homogeneous goods
- Perfect information
- Free mobility
- Economies of scale
-
Compared to perfect competition, why might a firm with monopoly power reduce allocative efficiency?
- Maximises output
- Restricts output
- Lowers prices
- Eliminates profits
-
Which market structure features many small firms selling differentiated products with low entry barriers?
- Perfect competition
- Oligopoly
- Pure monopoly
- Monopolistic competition
-
What does a concentration ratio measure in an industry?
- Total market revenue
- Number of consumers
- Average production cost
- Combined market share
-
What distinguishes a pure monopoly from a monopolistically competitive firm regarding products?
- Identical market share
- No close substitutes
- Homogeneous products
- Perfect information
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