Concept And Types of Markets - SS2 Economics Past Questions and Answers - page 1
Which type of market has many buyers and sellers, and no entity can influence the price?
Perfect competition market
Monopoly market
Oligopoly market
Monopolistic competition market
Which type of market has only one supplier or seller, which has complete control over the market?
Perfect competition market
Monopoly market
Oligopoly market
Monopolistic competition market
In which type of market do firms try to coordinate their pricing or output levels to increase profits?
Perfect competition market
Monopoly market
Oligopoly market
Monopolistic competition market
Which type of market has many firms selling similar but not identical products?
Perfect competition market
Monopoly market
Oligopoly market
Monopolistic competition market
Which of the following is not a type of market?
Cartel market
Monopoly market
Oligopoly market
Monopolistic competition market
Define a market in simple terms.
A market is a place or mechanism where buyers and sellers come together to exchange goods and services.
How does the type of market impact the prices and quantities of goods and services exchanged?
The type of market can have a significant impact on the prices and quantities of goods and services exchanged, as well as the level of competition among sellers.