Maximizing Profits in Market Structures: Theory & Overview

Instructions:

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

question 1 of 3

What is a profit?

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1. What is price elasticity?

2. What is profit maximization?

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About This Quiz & Worksheet

The worksheet and attached quiz will gauge what you know about maximizing profits in market structure. For the quiz, you will need to establish what a profit is and explain price elasticity.

Quiz & Worksheet Goals

The goals of this assessment are to get you to:

  • Explain profit maximization
  • Define monopoly
  • Understand perfect competition

Skills Practiced

You will practice the following skills:

  • Reading comprehension - ensure that you draw the most important information from the related lesson on maximizing profits in market structures
  • Defining key concepts - ensure that you can accurately define main phrases, such as profit and price elasticity
  • Information recall - access the knowledge you've gained regarding monopolies

Additional Learning

These assessments correspond to the lesson called Maximizing Profits in Market Structures: Theory & Overview. Throughout the lesson, you will cover the following:

  • Recognize how to achieve profit maximization in various competition structures
  • Apply these theories in the real world
  • Determine the economical differences between perfect competition and a monopolized industry
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