This quiz works best with JavaScript enabled. Home > Economics > Market Dynamics > Market Structures > Market Structures – Quiz 34 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Market Structures Quiz 34 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The airline industry is a good example A) Perfect Competition. B) Monopolistic Competition. C) Oligopoly. D) Pure Monopoly. Show Answer Correct Answer: C) Oligopoly. 2. It is the most ideal market structure. A) Perfect competition. B) Monopolistic competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: A) Perfect competition. 3. A way to attract customers through style, service, or location, but not a lower price A) Non-price competition. B) Price competition. C) Competition. D) Advertising. Show Answer Correct Answer: A) Non-price competition. 4. A single seller in a market A) Monopoly. B) Oligopoly. C) Monopolistic competition. D) Perfect competition. Show Answer Correct Answer: A) Monopoly. 5. Market structure with one seller providing a unique product with no close subsitutes A) Oligopoly. B) Monopolistic Competition. C) Perfect Competition. D) Monopoly. Show Answer Correct Answer: D) Monopoly. 6. A merger is A) Two business agreeing to becoming one new business. B) One business buying shares in another business. C) One business taking over control of another business. D) Two businesses co operating with each other. Show Answer Correct Answer: A) Two business agreeing to becoming one new business. 7. A mine worker is an example of which factor of production? A) Land. B) Labor. C) Capital. D) Entrepreneurship. Show Answer Correct Answer: B) Labor. 8. What market structure is characterized by a few large firms dominating the market and interdependence among firms? A) Monopoly. B) Perfect competition. C) Monopsons. D) Oligopoly. Show Answer Correct Answer: D) Oligopoly. 9. One important advantage of forming a partnership is that this form of business organization gives each owner sole control over the business. A) True. B) False. Show Answer Correct Answer: B) False. 10. An industry or market that is dominated by a few firms is A) A Monopoly. B) An Oligopoly. C) A Competitive market. D) None of above. Show Answer Correct Answer: B) An Oligopoly. 11. When P>ATC, this also means that total revenue is ..... than total cost. A) Less. B) More. C) Equal. D) None of above. Show Answer Correct Answer: B) More. 12. In a partnership, the owners A) Have limited liability. B) Have unlimited liability. C) Always split the profits 50/50, no matter what. D) Cannot be separated or bought out. Show Answer Correct Answer: B) Have unlimited liability. 13. When two companies that produce the same kind of product merge, this is called a A) Horizontal merger. B) Vertical merger. C) Conglomeration. D) Multinational merger. Show Answer Correct Answer: A) Horizontal merger. 14. Oligopolies and monopolies are similar because ..... A) They both have many buyers and sellers. B) They both are the only sellers of their product. C) They both have identical products. D) They both have high barriers to entry. Show Answer Correct Answer: D) They both have high barriers to entry. 15. If the price of a resource used to produce a good increases, this will ..... the supply of said good. A) Increase. B) Decrease. C) Neutralize. D) Remove. Show Answer Correct Answer: B) Decrease. 16. An exclusive right to manufacture, use or sell any new and useful inventionfor a specific period. A) Patent. B) Trademark. C) Copyright. D) Monopoly. Show Answer Correct Answer: A) Patent. 17. The book discusses water service as being a ..... monopoly; it would be ineffective otherwise. A) Natural. B) Self-evident. C) Constitutional. D) Unimportant. Show Answer Correct Answer: A) Natural. 18. The lure of ..... motivates entrepreneurs to take risks and start businesses. A) Income. B) Income. C) Sales. D) Profits. Show Answer Correct Answer: D) Profits. 19. You are traveling and run low on gas in an out-of-the-way location. There is only one gas station for the next 30 miles. How would you define this market structure? A) Geographical Monopoly. B) Monopolistic Competition. C) Oligopoly. D) Technological Monopoly. Show Answer Correct Answer: A) Geographical Monopoly. 20. A market structure in which many companies sell products that are similar but not identical A) Monopolistic competition. B) Oligopoly competition. C) Monopoly market. D) Imperfect competition. Show Answer Correct Answer: A) Monopolistic competition. ← 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