Market Structures (Grade 11 NSC Matric Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What are the two main categories economists use to classify markets?
What are the two main categories economists use to classify markets?
Perfect & imperfect markets
What are businesses called in perfect competition?
What are businesses called in perfect competition?
Price takers
Does perfect competition exist in the real world?
Does perfect competition exist in the real world?
No, it's purely theoretical
What type of products exist in perfect competition?
What type of products exist in perfect competition?
Completely identical (homogeneous)
What are businesses called in imperfect markets?
What are businesses called in imperfect markets?
Price makers
How many producers exist in a monopoly?
How many producers exist in a monopoly?
Only one producer
What characterises an oligopoly?
What characterises an oligopoly?
Few large firms dominate the market
What best describes monopolistic competition?
What best describes monopolistic competition?
Many sellers, differentiated products
Which market structure has blocked entry for new businesses?
Which market structure has blocked entry for new businesses?
Monopoly
What does South Africa's Competition Board ensure?
What does South Africa's Competition Board ensure?
Fair competition between businesses