History 7-12 PACT test Questions with complete solution 2023/2024

History 7-12 PACT test Questions with complete solution 2023/2024 Pure competition - correct answer Economic model that describes a hypothetical market form in which neither the producer or consumer has the market power to influence prices. Defines a market equilibrium in which all resources are allocated and used efficiently, and collective social welfare is maximized. monopolistic competition - correct answer Common market from where there are many producers and consumers, consumers perceive that there are non-price differences in the products, few barriers to entry and exit, and producers have a degree of control over price. Markets for restaurants, cereal, shoes, clothing, and services in large cities. Oligopoly - correct answer A market form in which a market or industry is dominated by a small number of sellers. When oligopolists in the same market collide and agree to raise prices and restrict production, a cartel forms. Monopoly - correct answer Market form that exists when a specific individual or enterprise has sufficient control over a particular product or service to significantly determine the terms on which other individuals shall have access to it Partnership - correct answer Business entity in which partners (owners) share with each other the profits and losses of the business undertaking in which all have invested. Corporation - correct answer Am institution that is granted a charter recognizing it as a separate legal entity having its own privileges, and liabilities distinct from those of its members. There are many different forms of corporations, most of which are used to control business.