Quiz & Worksheet - Market Power in Economics

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Firms with market power are referred to as

Powerful Companies Price Makers

Fortune 500 Companies Price Takers

Worksheet

Print Market Power in Economics: Definition, Sources & Examples Worksheet

1. What is market power?

A company's ability to manipulate price by influencing an item's supply, demand or both
Firms that have no control over prices especially when other firms sell identical or nearly identical products
The ability of one organization to drive another organization out of the market
When there are barriers to entry into a particular industry

2. The four main types of market structures are

Oligopoly, manual labor, perfect competition, and monopolistic competition
Monopolistic completion, monopoly, oligopoly and demand
Monopoly, perfect competition, manual labor, and demand
Perfect competition, oligopoly, monopolistic competition, and monopoly

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About This Quiz & Worksheet

Utilize this quiz and worksheet to learn about market power in economics. Be able to define market power and understand firms with market power, among other topics of study.

Quiz & Worksheet Goals

Follow along with these assessments in order to:

Identify the four main types of market structure
Be able to tell which structure would possess companies with market power
Name some examples of companies with market power

Skills Practiced

The quiz and worksheet will help you to:

Interpreting information - verify that you can read information regarding market structure and interpret it correctly
Information recall - access the knowledge you've gained regarding market power
Knowledge application - use your knowledge to answer questions about market power in economics

Additional Learning

If you want to know more about market power in economics, read this lesson named Market Power in Economics: Definition, Sources & Examples. The lesson will teach you the following objectives: