APPLIED ECONOMICS

Quarter 1 – Week 5
Mastery Test-Market Structures
Name: ______________________________ Grade & Section: ________________
I. Identify what market structure is being described in the following:
1. Jack, Jamie, Ronnie, and Stephan own the only computer software manufacturing companies in the country. When Jack increases the
price of his product and advertises extensively to promote it, the other three manufacturers immediately increase their prices and launch
promotional strategies. What type of market structure do these four companies operate in?
2. Jason went to mall last week to purchase a gift for Mara. He then noticed that there was a newly opened accessory shop and bought a
necklace for her despite being too expensive.
3. You decided to create a small snacks house. Before you established your stall, you considered first the products and prices of your
competition.
4. Elsa wants to buy shoes for her son, but she can’t choose whether it should be Nike or Jordan. She then called her son to ask him, and
he said he prefers Jordan.
5. Dimaguiba Family will celebrate Christmas out of the country. They preferred Singapore as one of the beautiful countries and make
their children amazed in touring the amazing places. Head of the family decided to book for a flight in Cebu Pacific Airlines because it
offers a promo package of a tour flight in a lowest price.
II. Start by being interested to answer the items. Read each question and answer it carefully. Write the letter of the correct
answer.
________1. Which refers to the characteristics of a market where buyers and sellers operate and influence economic decisions?
a. Market system b. Market structure c. Market pricing d. Market interactions
________2. Which refers to a product that are identical or similar?
a. Differentiated b. Homogeneous c. Heterogenous d. Customized
________3. A seller or company that follows or accept the prevailing price of products ina a market is called_______________.
a. Price taker b. Price completer c. Price searcher d. Price builder
________4. What do you call a seller or company that has a power to set the price of a certain products?
a. Price completer b. Price searcher c. Price builder d. Price taker
________5. What characterized an industry that has one seller offering a unique product in the market?
a. Monopolistic competition b. Oligopoly c. Monopoly d. Perfect competition
________6. Which strategy is used when a seller or company aims to increase sales and attract customers by improving the quality of
the product, choosing an accessible location, or giving an augmented product?
a. Non-price competition b. Non-price discrimination c. Open competition d. Direct competition

________7. Which comparative environment refers to having two dominating sellers or companies in the market?
a. Oligopoly b. Monopoly c. Duopoly d. Contestable market
________8. This refers to sellers or companies experiencing cost advantage, where an increase in production decrease per unit cost.
a. Marginal utility b. Economic of scale c. Expanding output d. Economies of production
________9. This is a result of collaboration among few sellers on specific price of products in the market.
a. Perfect competition b. Monopoly c. Oligopoly d. Monopolistic competition
________10. In this environment, the number of sellers is not important, but the barriers to entry and exit to market.
a. Monopolistic competition b. Monopoly c. Oligopoly d. Perfect competition

III. Identify the following whether it is Monopoly, Monopolistic Competition, Perfect Competition or Oligopoly.
1. Perishable Goods 6. Toyota 11. Grizbelle Salon 16. St. Lukes Hospital
2. Motolite 7. O’Cup 12. Krispy Kreme 17. Marriot Hotel
3. Tokyo-tokyo 8. Maynilad 13. Forex 18. OPPO
4. Converge 9. Microsoft 14. Pizza Hut 19. DLTB Co.
5. Google 10. Coca-Cola 15. Air Asia 20. Unilever

IV. Complete the paragraph by filling out the line with a correct word/s.
Market structures composed of four types. The first one is ____________________ where a single merchant of a product for
which there is no close______________. Next is, Monopolistic competition in which ________________product has many
vendors. While Perfect competition, wherein a similar product has many ____________________. Finally ___________________,
whereupon, there are few sellers of a standardized product.
Prepared by: Checked by:

CLARISE D. LAUREL MYLA V. COMBALICER,EdD

SUBJECT TEACHER PRINCIPAL II