Market Structures (AQA A-Level Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What is a market structure?
What is a market structure?
Organisational features defining market
In perfect competition, how are firms described regarding pricing?
In perfect competition, how are firms described regarding pricing?
Price-takers
What percentage of market output does a monopoly produce?
What percentage of market output does a monopoly produce?
100%
What distinguishes monopolistic competition from perfect competition?
What distinguishes monopolistic competition from perfect competition?
Product differentiation
What characterises firm behaviour in oligopoly?
What characterises firm behaviour in oligopoly?
Interdependence among firms
Which is a natural barrier to entry?
Which is a natural barrier to entry?
Economies of scale
How long can UK patent protection last?
How long can UK patent protection last?
Up to 20 years
What is predatory pricing?
What is predatory pricing?
Pricing below costs to remove competitors
What are sunk costs?
What are sunk costs?
Costs that cannot be recovered
Which is an exit barrier?
Which is an exit barrier?
Redundancy payments to workers