Competitive and Concentrated Markets

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1. Which of these is NOT a condition of competitive markets?

  • Producers control the prevailing cost
  • Consumers are persuaded to buy using marketing/advertising
  • Lots of substitutes for products (homogeneous)
  • Consumers have perfect knowledge of producers
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2. Which of these is an active labour supply?

  • Long term sick
  • Self-employed workers
  • Those looking after family
  • Discouraged workers
  • Students
  • Retired workers

3. Which of these is a reason why oligopolies have high control over consumers?

  • High prices
  • Brand loyalty
  • Low barriers to entry

4. Which of these is NOT true about the labour market?

  • In reality, wages are determined by the interaction of supply and demand, because the government and trade unions have no influence over them
  • The labour market offers a place for producers and consumers to determine wages
  • A shortage of workers leads to higher pays

5. Which of these is NOT an impact of low competition on the government?

  • Can set price limits to prevent businesses from setting unreasonable prices
  • Can produce cheaper
  • Higher tax revenue from profits
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