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Perfectly Competitive Market: Definition, Characteristics & Examples

Instructions:

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

question 1 of 3

The products in a perfectly competitive market are _____.

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1. Which market comes close to being a perfectly competitive market?

2. Which one is not a characteristic of a perfectly competitive market?

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About This Quiz & Worksheet

Perfectly competitive markets are economic ideals, and you can assess your knowledge of them using this interactive quiz and worksheet. Practice questions in the quiz will look at products and barriers in a perfectly competitive market.

Quiz & Worksheet Goals

This quiz will ask you to answer questions about:

  • A market that comes closest to being perfectly competitive
  • A perfectly competitive market's characteristics
  • Number of firms controlling a perfectly competitive market

Skills Practiced

Students will utilize the following skills in these assessments:

  • Reading comprehension - ensure that you draw the most important information from the related lesson on perfectly competitive markets
  • Interpreting information - verify that you can read information regarding characteristics of perfectly competitive markets and interpret it correctly
  • Information recall - access the knowledge you've gained regarding products and barriers in a perfectly competitive market

Additional Learning

Take a look at the accompanying lesson entitled Perfectly Competitive Market: Definition, Characteristics & Examples for more information on this economics related subject. Objectives of this lesson include:

  • Define a perfectly competitive market
  • Identify characteristics of this type of market
  • Know how this market type relates to real life situations and decisions
  • Explain why certain markets come close to becoming perfectly competitive
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