50 multiple-choice questions (MCQs) covering various aspects of markets in microeconomics. The answer key is provided at the end.
50 multiple-choice questions (MCQs) covering various aspects of markets in microeconomics. The answer key is provided at the end. 1. Which of the following is a characteristic of a perfectly competitive market? a) Few sellers b) Differentiated products c) Barriers to entry d) Many buyers and sellers 2. In a perfectly competitive market, firms are: a) Price makers b) Price takers c) Quantity setters d) Demand creators 3. Which market structure is characterized by a single seller? a) Oligopoly b) Monopolistic competition c) Monopoly d) Perfect competition 4. A market with a few dominant firms is known as: a) Perfect competition b) Monopolistic competition c) Oligopoly d) Monopoly 5. Products are differentiated in which of the following market structures? a) Perfect competition b) Monopoly c) Oligopoly d) Monopolistic competition 6. The demand curve faced by a perfectly competitive firm is: a) Downward sloping b) Upward sloping c) Perfectly elastic d) Perfectly inelastic 7. In a p...