This quiz works best with JavaScript enabled. Home > Economics > Market Dynamics > Market Structures > Market Structures – Quiz 31 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Market Structures Quiz 31 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. It is a group of suppliers whose purpose is to maintain prices at a high level, and to restrict competition in the market. A) Oligopoly. B) Oligopsones. C) Cartel. D) Collusion. Show Answer Correct Answer: C) Cartel. 2. How can you move from a shortage to equilibrium? A) Raise Prices. B) Lower Prices. C) Keep prices the same. D) All of the above. Show Answer Correct Answer: A) Raise Prices. 3. Clayton Anti-trust Act A) The Clayton Anti-trust Act is a state law in the United States that was enacted in 1914. B) The Clayton Anti-trust Act is an international law that was enacted in 1914. C) The Clayton Anti-trust Act is a federal law in the United States that was enacted in 1914. D) The Clayton Anti-trust Act is a local law in the United States that was enacted in 1914. Show Answer Correct Answer: C) The Clayton Anti-trust Act is a federal law in the United States that was enacted in 1914. 4. A ..... economy's government makes all of the major economic decisions. A) Traditional. B) Mixed. C) Market. D) Command. Show Answer Correct Answer: D) Command. 5. In which market structure do firms use "strategic pricing" to find the Nash Equilibrium? A) Monopoly. B) Oligopoly. C) Monopolistic competition. D) Perfect competition. Show Answer Correct Answer: B) Oligopoly. 6. Number of sellers in perfect competition A) A few. B) One. C) Many. D) None of above. Show Answer Correct Answer: C) Many. 7. Product differentiation is A) Offering identical products to consumers. B) Offering different products to consumers. C) Offering similar products to consumers. D) None of above. Show Answer Correct Answer: B) Offering different products to consumers. 8. Generally, each successive unit of a good consumed will cause marginal utility to ..... A) Increase at an increasing rate. B) Increase at a decreasing rate. C) Decrease (or "diminish"). D) Who knows? Life's a gamble!. Show Answer Correct Answer: C) Decrease (or "diminish"). 9. Which item being sold would be considered monopolistic competition? A) Jeans. B) Oranges. C) Psch. D) Electricity. Show Answer Correct Answer: A) Jeans. 10. All of the following are characteristics of monopolistic competition except ..... A) There are many buyers and many sellers. B) The products sold are similar but differentiated. C) A market leader may emerge from among the many suppliers. D) There are many barriers to entry and exit. Show Answer Correct Answer: D) There are many barriers to entry and exit. 11. NPF-The gov't cuts tariffs on at-home espresso machines. What curve is impacted in the takeaway coffee market and how? A) Demand Left. B) Demand Right. C) Supply Left. D) Supply Right. Show Answer Correct Answer: A) Demand Left. 12. The worldwide market structure for cars most resembles a: A) Monopolistic competition. B) Oligopoly. C) Perfect competition. D) Monopoly. Show Answer Correct Answer: A) Monopolistic competition. 13. Any factor that makes it difficult for a new firm to enter a market such as high start-up costs or a high degree of technology needed. A) Barrier to Entry. B) Start-Up Costs. C) Price War. D) Collusion. Show Answer Correct Answer: A) Barrier to Entry. 14. If a monopolist is producing a level of output where MR exceeds MC, then it should A) Raise its price. B) Increase its output. C) Lower its output. D) Shift its marginal cost curve upward. Show Answer Correct Answer: B) Increase its output. 15. Choose the example that goes best with monopolistic competition. A) Fast food. B) Soda pop. C) Cars. D) Gas (for your house). Show Answer Correct Answer: A) Fast food. 16. An example of monopolistic competition is A) Oncor. B) The water company. C) Fast food. D) Dart trains. Show Answer Correct Answer: C) Fast food. 17. When there is lots of competition in a market because the barriers to entry are low and there are many substitutes that exist, this is called? A) Monopoly. B) Oligopoly. C) Monopolistic Competition. D) Perfect Competition. Show Answer Correct Answer: D) Perfect Competition. 18. Public disclosure supports competition by A) Providing buys and sellers with information. B) Revealing competitive trade secrets. C) Converting private businesses into government agencies. D) Concentrating information in the hands of the government. Show Answer Correct Answer: A) Providing buys and sellers with information. 19. A monopoly created by the administration. A) Government monopoly. B) Market power. C) Monopoly. D) Natural monopoly. Show Answer Correct Answer: A) Government monopoly. 20. Valuable product A) Commodity. B) Salt. C) Fiat. D) Gold. Show Answer Correct Answer: A) Commodity. ← 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