Degrees Of Competition Quiz

10 Questions | By Lynn22 | Updated: Mar 21, 2022 | Attempts: 299

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Where there is a business involved, there is competition. This quiz is totally based on economics and the degree of competition that one has to face. The Demand, supply, quality, quantity, many factors like these affect the competitiveness up to a level. Take this quiz and be rest assured to sail smoothly in the world of economics!

Questions and Answers

1.

Which is the most important in market competitiveness?
- A.
  
  Quantity
- B.
  
  Quality
- C.
  
  Price
- D.
  
  Promotion
2.

Which of these is a result of a clash between demand and supply.
- A.
  
  Competitiveness
- B.
  
  Equilibrium
- C.
  
  Prices
- D.
  
  None of the above
3.

What determines price?
- A.
  
  Competition
- B.
  
  A leading firm
- C.
  
  Action of demands and supply
- D.
  
  A meeting
4.

One of these is true about a monopolistic market?
- A.
  
  Products are differentiated
- B.
  
  One firm has absolute power
- C.
  
  Products are direct substitute
- D.
  
  Producers determine price.
5.

An individual controls market in a monopolistic market.
- A.
  
  True
- B.
  
  False
- C.
  
  Inconclusive
- D.
  
  Sometimes
6.

Which is the healthiest form of competition where no firm absolute control of prices?
- A.
  
  Monopoly
- B.
  
  Monopolistic market
- C.
  
  Perfect competition
- D.
  
  Oligopoly
7.

No firm can determine price in a perfect Competition.
- A.
  
  True
- B.
  
  False
- C.
  
  Inconclusive
- D.
  
  Sometimes
8.

Oligopoly has a lot of sellers.
- A.
  
  True
- B.
  
  False
- C.
  
  Inconclusive
- D.
  
  Sometimes
9.

In perfect competition, all products are similar.
- A.
  
  True
- B.
  
  False
- C.
  
  Inconclusive
- D.
  
  Sometimes
10.

Which of these has the most sellers?
- A.
  
  Pure competition
- B.
  
  Monopolistic market
- C.
  
  Oligopoly
- D.
  
  Monopolies