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Applied Quiz 2

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27 views

Applied Quiz 2

Quiz

Uploaded by

saintaloysiusgonzaga06
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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APPLIED ECONOMICS

QUIZ 2

Name: __________________________________
Identify the following.

_____________ 1. refers to as rivalry among sellers in the market.


_____________ 2. refers to the competitive environment in which buyers and sellers operate.
_____________ 3. measures the responsiveness of the quantity demanded or supplied of a good to a change in its
price.
_____________ 4. happens when a change in demand is greater than the change in price.
_____________ 5. a type of demand which changes in the same proportion to its price.
_____________ 6. means that quantity demanded will increase to infinity when the price decreases, and quantity
demanded will decrease to zero when price increases.
_____________ 7. demand for a good or service remains unchanged even when the price changes.
_____________ 8. no change in demand for change in price.

Identify the following market structure (Monopoly, Monopolistic, Perfect Competition, Oligopoly)
_____________ 9. control prices by colluding with each other.
_____________ 10. A single seller and no competitors in the market
_____________ 11. offering products that are similar but not identical
_____________ 12. Buyers have full information.
_____________ 13. Similar Products Sold.
_____________ 14. Sole seller has the full power to set prices.
_____________ 15. Entry/exit is difficult and blocked.
_____________ 16. firms have little power to set curtail supply or raise prices.
_____________ 17. limiting new entrants in the market and decreased innovation
_____________ 18. It can control the quantity supplied
_____________ 19. Many Competing Firms
_____________ 20. Ease of Entry and Exit

APPLIED ECONOMICS
QUIZ 2

Name: __________________________________
Identify the following.

_____________ 1. refers to as rivalry among sellers in the market.


_____________ 2. refers to the competitive environment in which buyers and sellers operate.
_____________ 3. measures the responsiveness of the quantity demanded or supplied of a good to a change in its
price.
_____________ 4. happens when a change in demand is greater than the change in price.
_____________ 5. a type of demand which changes in the same proportion to its price.
_____________ 6. means that quantity demanded will increase to infinity when the price decreases, and quantity
demanded will decrease to zero when price increases.
_____________ 7. demand for a good or service remains unchanged even when the price changes.
_____________ 8. no change in demand for change in price.

Identify the following market structure (Monopoly, Monopolistic, Perfect Competition, Oligopoly)
_____________ 9. control prices by colluding with each other.
_____________ 10. A single seller and no competitors in the market
_____________ 11. offering products that are similar but not identical
_____________ 12. Buyers have full information.
_____________ 13. Similar Products Sold.
_____________ 14. Sole seller has the full power to set prices.
_____________ 15. Entry/exit is difficult and blocked.
_____________ 16. firms have little power to set curtail supply or raise prices.
_____________ 17. limiting new entrants in the market and decreased innovation
_____________ 18. It can control the quantity supplied
_____________ 19. Many Competing Firms
_____________ 20. Ease of Entry and Exit

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