The Dynamics of Perfect Markets (Grade 12 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
How many fundamental market structures exist?
How many fundamental market structures exist?
Four
How many businesses control the market in a monopoly?
How many businesses control the market in a monopoly?
One dominant business
What type of products are found in perfect competition?
What type of products are found in perfect competition?
Homogeneous products
Which market structures allow completely free entry for new businesses?
Which market structures allow completely free entry for new businesses?
Perfect & monopolistic competition
What term describes firms in perfect competition regarding pricing?
What term describes firms in perfect competition regarding pricing?
Price takers
Which South African company exemplifies a monopoly structure?
Which South African company exemplifies a monopoly structure?
Eskom
Which market structure do fast-food outlets represent?
Which market structure do fast-food outlets represent?
Monopolistic competition
What level of information exists in perfect competition?
What level of information exists in perfect competition?
Complete information
What happens to prices as markets move from perfect competition to monopoly?
What happens to prices as markets move from perfect competition to monopoly?
Prices generally increase
What distinguishes products in monopolistic competition?
What distinguishes products in monopolistic competition?
They are differentiated