This quiz works best with JavaScript enabled. Home > Economics > Market Dynamics > Market Structures > Market Structures – Quiz 17 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Market Structures Quiz 17 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Car producers are an example of A) Monopoly. B) Oligopoly. C) Monopolistic competition. D) Pure / perfect competition. Show Answer Correct Answer: B) Oligopoly. 2. Which of these are most likely to compete in a monopolistic competitive market? A) Furniture stores. B) Jewelry stores. C) Makeup stores. D) All of these are likely to be in monopolistically Competitive markets. Show Answer Correct Answer: D) All of these are likely to be in monopolistically Competitive markets. 3. Which of the following is an example of a co-operative? A) Costco. B) Walmart. C) Target. D) Meijer. Show Answer Correct Answer: A) Costco. 4. SSEMI3 b IN which market structure do sellers have virtually no control over price? A) Monopolistic competition. B) Pure competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: B) Pure competition. 5. Impossible to Enter Market A) Oligopoly. B) Monopoly. C) Perfect Competition. D) None of above. Show Answer Correct Answer: B) Monopoly. 6. Product differentiation refers to A) Different prices for the same good. B) Different goods that have identical prices. C) Differences among goods in a market that make them close, but not perfect substitutes for each other. D) Markets that differ from industries because their goods are essentially different. E) The firm's ability to create different goods while using the same technology and resources. Show Answer Correct Answer: C) Differences among goods in a market that make them close, but not perfect substitutes for each other. 7. Both labor and management agree to talk to a third party and both sides must agree to the decision is a/an A) Strike. B) Third party negotiation. C) Mediation. D) Arbitration. Show Answer Correct Answer: D) Arbitration. 8. In a monopolistic competition, sellers can market their products differently from other sellers hence, they have some control over the price of the product. A) True. B) False. Show Answer Correct Answer: A) True. 9. Definition:Barriers to Entry A) The sole supplier of a product with no close substitutes. B) The ability of a firm to raise its price without losing all sales to rivals. C) Restrictions on the entry of new firms into an industry. D) A product that is identical across sellers, such as a bushel of wheat. Show Answer Correct Answer: C) Restrictions on the entry of new firms into an industry. 10. A merger between for or more companies producing or marketing different/unrelated products is referred as a(n) ..... A) Conglomerate. B) Vertical merger. C) Corporation. D) Horizontal merger. Show Answer Correct Answer: A) Conglomerate. 11. When management doesn't allow the workers to work until an agreement is reached A) Lockout. B) Boycott. C) Market failure. D) Court injunction. Show Answer Correct Answer: A) Lockout. 12. What is price mechanism? A) The interaction between demand and supply. B) The constant increase in price. C) The constant decrease in price. D) The theory of demand and supply. Show Answer Correct Answer: A) The interaction between demand and supply. 13. A corporation is a business for which ownership is divided into shares or stocks that may be bought and sold through a stock exchange. A) True. B) False. Show Answer Correct Answer: A) True. 14. The ability to produce more of a product than another country using the same resources A) Absolute advantage. B) Comparative advantage. C) Imports. D) Exports. Show Answer Correct Answer: A) Absolute advantage. 15. In a market that is in Perfect Competition, you would normally find ..... A) Few barriers to entry-easy to enter/exit the market. B) Difficulty in entering the market. C) Government regulations restricting new producers. D) High taxes and fees making it too expensive to enter. Show Answer Correct Answer: A) Few barriers to entry-easy to enter/exit the market. 16. The selling environment has ..... basic characteristics. A) Five. B) Seven. C) Three. D) None of above. Show Answer Correct Answer: C) Three. 17. All of the following are examples of non-profits EXCEPT: A) Make a Wish Foundation. B) Red Cross. C) Salvation Army. D) Walmart. Show Answer Correct Answer: D) Walmart. 18. The four market structures are A) Perfect competition.Monopoly. Competition. Oligopoly. B) Perfect competition.Monopoly. Monopolistic competition.Oligopoly. C) Perfect monopoly.Monopoly. Monopolistic oligopoly.Oligopoly. D) None of above. Show Answer Correct Answer: B) Perfect competition.Monopoly. Monopolistic competition.Oligopoly. 19. Which of the following is a non price strategy? A) Predatory Pricing. B) Limit-pricing. C) Promotion. D) Collusion. Show Answer Correct Answer: C) Promotion. 20. Gabrielle, Zalyn, and Aaron each have their own sole proprietorship in the market for cakes. Together, they decide that none of them will sell cakes for less than $ 50, causing the market price of cakes to go up. Which type of market structure are they probably doing business in? A) Purely competitive. B) Monopoly. C) Monopolistically competitive. D) Oligopoly. Show Answer Correct Answer: D) Oligopoly. ← PreviousNext →Related QuizzesMarket Dynamics QuizzesEconomics QuizzesMarket Structures Quiz 1Market Structures Quiz 2Market Structures Quiz 3Market Structures Quiz 4Market Structures Quiz 5Market Structures Quiz 6Market Structures Quiz 7Market Structures Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books