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Econ Chapter 7 Section 1-2 Quiz
- 1. economies of sale
- 2. perferct competition
- 3. government monoply
- 4. imperfect competition
- 5. price market
- 6. cartel
- 7. price taker
- a. occurs in market that have few sellers or products that are not standardized
- b. the ideal model of a market economy
- c. is a firm that does not have to consider competitiors when settign prices of its products
- d. is a group that acts together to set prices and limit output
- e. a business that accpets the market price determined by supply and demand
- f. exists when the governement either owns and runs the business or authorizes only one producer
- g. occurs when the average cost of producation falls as the producers grows larger
Name: ___________________________________
Date: ___________________________________
Date: ___________________________________
Econ Chapter 7 Section 1-2 Quiz (Answer Key)
- g 1. economies of sale
- b 2. perferct competition
- f 3. government monoply
- a 4. imperfect competition
- c 5. price market
- d 6. cartel
- e 7. price taker
- a. occurs in market that have few sellers or products that are not standardized
- b. the ideal model of a market economy
- c. is a firm that does not have to consider competitiors when settign prices of its products
- d. is a group that acts together to set prices and limit output
- e. a business that accpets the market price determined by supply and demand
- f. exists when the governement either owns and runs the business or authorizes only one producer
- g. occurs when the average cost of producation falls as the producers grows larger
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