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Comparing Monopolies: Monopoly, Oligopoly & Monopolistic Competition

Instructions:

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

question 1 of 3

What is the BEST description of a niche market?

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1. _____ has pricing power in the market and has no competition because of a high barrier to entry.

2. Which type of monopoly has few suppliers and little competition, but does not have complete control of pricing.

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About This Quiz & Worksheet

Assess your knowledge of the different monopolies and their properties by using the quiz and worksheet. A niche market and monopolistic competition are topics addressed on the quiz.

Quiz & Worksheet Goals

Using these tools, you can check your knowledge of:

  • The definition of monopolistic competition
  • The role of companies who perform in a monopolistic competition
  • Characteristics of a niche market
  • Something that has pricing power in the market
  • A type of monopoly

Skills Practiced

  • Reading comprehension - ensure that you draw the most important details from the lesson on a type of monopoly
  • Interpreting information - verify that you can read information about the role of companies who perform in a monopolistic competition and interpret them correctly
  • Defining key concepts - ensure that you can accurately define main terms, such as monopolistic competition and niche market

Additional Learning

Go over more about these monopolies by using the lesson, Comparing Monopolies: Monopoly, Oligopoly & Monopolistic Competition. Some tasks you can cover include:

  • See how a monopoly develops
  • Identify some types of monopolies
  • Analyze the cons of monopolies
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