Economics Chapter 8 - 11

12 Questions | Total Attempts: 106

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Economics Quizzes & Trivia

Fun quiz of economics. Makes us love learning about economics. So much fun.


Questions and Answers
  • 1. 
    Choose the matching definitions to the 4 characters of monopoly A) Single Seller B) Price Taker C) No Close Substitution D) Blocked Entry
    • A. 

      Control total quantity over price

    • B. 

      No competition

    • C. 

      One sole producer or seller

    • D. 

      Unique product

  • 2. 
    Define Barriers to Entry
  • 3. 
    X-inefficiency
  • 4. 
    Price Discrimination
  • 5. 
    Describe the conditions before a firm can practice price discrimination A) Monopoly Power B) Market Segregation C) No Resale
  • 6. 
    Three Characteristics of Monopolistic Competition
  • 7. 
    Define Excess Capacity
  • 8. 
    Six Characteristics of Oligopoly
  • 9. 
    Define Collusion
  • 10. 
    Define Cartel
  • 11. 
    Three Obstacles to Collusion -demand and cost differences -number of firms -cheating
  • 12. 
    Positives in Advertising - name 3
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