This quiz works best with JavaScript enabled. Home > Economics > Market Dynamics > Market Structures > Market Structures – Quiz 30 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Market Structures Quiz 30 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which statement is NOT TRUE about monopoly? A) It is difficult for other sellers to compete in the market. B) Only one firm controls the supply and distribution of the product. C) It is considered an imperfect competition. D) The firm doesn't have any control over the price of the product. Show Answer Correct Answer: D) The firm doesn't have any control over the price of the product. 2. How does competition affect producers in a market economy? A) They generally agree to share resources equally. B) They improve the quality of their goods to attract buyers. C) They look to the government to assign resources. D) They ration their goods equally among consumers. Show Answer Correct Answer: B) They improve the quality of their goods to attract buyers. 3. Leticia graduated from college with an engineering degree. She has had several job offersbut is still searching for the right one. What category of unemployment best describesLeticia's situation? A) Frictional. B) Structural. C) Cyclical. D) Permanent. Show Answer Correct Answer: A) Frictional. 4. Which market is most likely to be subject to collusion? A) Perfect competition. B) Monopolistic competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: C) Oligopoly. 5. How many straight edges does a cube have? A) 8. B) 4. C) 16. D) 12. Show Answer Correct Answer: D) 12. 6. Which market structure is characterized by a single seller with complete control over the market? A) Oligopoly. B) Monopsons. C) Perfect competition. D) Monopoly. Show Answer Correct Answer: D) Monopoly. 7. Which of the following market types have only a few competing firms A) Monopoly. B) Perfect competition. C) Monopolistic competition. D) Oligopoly. Show Answer Correct Answer: D) Oligopoly. 8. If competition is inconvenient and impractical, what type of market structure tends to develop? A) Geographic Monopoly. B) Government Monopoly. C) Technological Monopoly. D) Natural Monopoly. Show Answer Correct Answer: D) Natural Monopoly. 9. Which market structure is considered a "price taker" because they have to take the price set by supply and demand? A) Perfect Competition. B) Monopolistic Competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: A) Perfect Competition. 10. A student graduates from college and starts a profitable new business. She creates jobs for three workers. Those jobs are A) A form of nonprice competition. B) A negative externality. C) A positive externality of her education. D) A sign of market efficiency. Show Answer Correct Answer: C) A positive externality of her education. 11. Markets with very few barriers to entry are usually A) Monopolies. B) Oligopolies. C) Competitive Markets. D) None of above. Show Answer Correct Answer: C) Competitive Markets. 12. Type of Monopoly is based on businesses creating new products A) Natural. B) Government. C) Technological. D) Geographic. Show Answer Correct Answer: C) Technological. 13. In this situation a small group of business controls an industry. A) Megalopoly. B) Triopoly. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: C) Oligopoly. 14. Which of the following has a natural monopoly in Aklan, for example? A) Sally Sari S training. B) Globe. C) Akelco. D) Jollibee. Show Answer Correct Answer: C) Akelco. 15. All are types of monopolies except A) Natural. B) Technology. C) Geographic. D) National. Show Answer Correct Answer: D) National. 16. Imperfect Competition A) Market structure with perfect competition and no market power. B) Market structure with no sellers and only one buyer. C) Imperfect competition lacks one or more characteristic of pure competition. D) Market structure with only one seller and multiple buyers. Show Answer Correct Answer: C) Imperfect competition lacks one or more characteristic of pure competition. 17. A sole proprietorship is described as A) A business owned by 2 or more people. B) A business owned by one person. C) A business owned by a corporation. D) None of the above. Show Answer Correct Answer: B) A business owned by one person. 18. What is the difference between a perfect competition and monopolistic competition? A) It is easy to enter a Perfect competition, but difficult to enter a Monopolistic competition. B) There are many sellers in a monopolistic competition and few sellers in a perfect competition. C) A monopolistic competition is a perfect competition except it has product differentiation. D) A perfect competition operates at Profit-maximizing price and quantity where MR=MC, a Monopolistic competition operates at normal profit in the long run. Show Answer Correct Answer: C) A monopolistic competition is a perfect competition except it has product differentiation. 19. Monopolistic competition is different from perfect competition because in monopolistic competition ..... A) Products are differentiated. B) There are many buyers and sellers. C) It is easy to enter the market. D) Products are the same. Show Answer Correct Answer: A) Products are differentiated. 20. A competitive market where a few companies dominate the market best describes which market structure A) Oligopoly. B) Monopolistic Competition. C) Perfect Competition. D) Monopoly. Show Answer Correct Answer: A) 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