Froggy Jumps Perfect Competition QuizOnline version Test your knowledge about the perfect competition market structure with these 10 questions! by sarah ayyad 1 What is the main characteristic of a perfect competition market structure? a One seller and many buyers b One buyer and many sellers c Many buyers and sellers 2 In a perfect competition market, are there any barriers to entry for new firms? a Yes b Sometimes c No 3 What is the level of product differentiation in a perfect competition market? a No product differentiation b High product differentiation c Moderate product differentiation 4 What is the price determined by in a perfect competition market? a Government regulations b Market leaders c Supply and demand 5 In a perfect competition market, can individual firms influence the market price? a No b Sometimes c Yes 6 What is the level of information available to buyers and sellers in a perfect competition market? a Perfect information b No information c Limited information 7 What is the level of advertising and marketing in a perfect competition market? a Moderate advertising and marketing b High advertising and marketing c Minimal advertising and marketing 8 In a perfect competition market, can firms earn economic profits in the long run? a Sometimes b No c Yes 9 What is the level of control over price and output in a perfect competition market? a No control b Moderate control c High control 10 What is the level of market power in a perfect competition market? a High market power b Moderate market power c No market power
New game