This quiz works best with JavaScript enabled. Home > Economics > Market Dynamics > Market Structures > Market Structures – Quiz 35 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Market Structures Quiz 35 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Head of the Soviet Communists after 1924, and dictator of the Soviet Union from 1928 to 1953. He led the Soviet Union withan iron fist, using Five-Year Plans to increase industrial production and terror to crush opposition A) Adam Smith. B) Joseph Stalin. C) Karl Marx. D) None of above. Show Answer Correct Answer: B) Joseph Stalin. 2. What are the three types of business organizations? A) Sole proprietorship, partnership, and corporation. B) Government agency, trust, and association. C) Franchise, joint venture, and limited partnership. D) Limited liability company, cooperative, and non-profit organization tagsSSEMI3. Show Answer Correct Answer: A) Sole proprietorship, partnership, and corporation. 3. A market in which there are many buyers but only one seller. A) Monopoly. B) Pure competition. C) Oligopoly. D) Command market. Show Answer Correct Answer: A) Monopoly. 4. Which market structure has the highest concentration of sellers? A) Perfect Competition. B) Monopolistic Competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: D) Monopoly. 5. MARKET DOMINATED BY A FEW, LARGE PROFITABLE FIRMS THAT COLLUDE TO FIX PRICES A) OLIGOPOLY. B) MONOPOLY. C) PERFECT COMPETITION. D) MONOPOLISTIC COMPETITION. Show Answer Correct Answer: A) OLIGOPOLY. 6. When there is an economic/supernormal profit in the short run for PERFECT COMPETITION, most likely A) New firms will enter the industry. B) New firms will exit the industry. C) Nothing will happen. D) I know something will happen, but doesn't know what exactly happen. Show Answer Correct Answer: A) New firms will enter the industry. 7. Markets are classified by A) Competition. B) Imports. C) Exports. D) Advantages. Show Answer Correct Answer: A) Competition. 8. In an oligopolistic market, how many producers are there? A) A few. B) A large number. C) Only one. D) None. Show Answer Correct Answer: A) A few. 9. Collusion is associated with which market structure? A) Monopoly. B) Oligopoly. C) Monopolistic Competition. D) Perfect Competition. Show Answer Correct Answer: B) Oligopoly. 10. A plant in a small town closes, leaving hundred of people unemployed. There are jobs available at the similar plant in another state, but many of the unemployed workers are unwilling to move or cannot afford to move. An economist might use this as an example to: A) Describe what happens where there is not enough competition. B) Define resource immobility. C) Define a public good. D) Explain an externality. Show Answer Correct Answer: B) Define resource immobility. 11. What prevents firms from entering a monopoly? A) Barriers. B) Technology. C) Price. D) The government. Show Answer Correct Answer: A) Barriers. 12. A firm experiences ..... with expenses that must be paid before goods can be produced and sold. A) Start-up costs. B) Back up costs. C) Opening day costs. D) Overhead costs. Show Answer Correct Answer: A) Start-up costs. 13. True or False:Horizontal mergers benefit consumers with increased competition and lower prices A) True. B) False. Show Answer Correct Answer: B) False. 14. In the scooter market, a NPF moves the demand curve left. What happens to the allocation of resources? A) Moves left. B) Moves right. C) Increase. D) Decrease. Show Answer Correct Answer: D) Decrease. 15. Which of the following is NOT an advantage of organizing your business into a corporation? A) Limited Liability. B) Easily Controlled. C) Benefits of Specialization. D) East of Raising Capital. Show Answer Correct Answer: B) Easily Controlled. 16. Which of the following markets have the highest barriers to entry? A) Perfect competition. B) Monopolistic competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: D) Monopoly. 17. Few sellers offer similar products A) Price Takers. B) Monopoly. C) Oligopoly. D) Price Fixing. Show Answer Correct Answer: C) Oligopoly. 18. Add 23 plus 34 plus 46 A) 346. B) 103. C) 102. D) 93. Show Answer Correct Answer: B) 103. 19. In monopolistic competition, what type of differentiation helps firms sell their products over others? A) Price differentiation. B) Product differentiation. C) Market differentiation. D) Advertising differentiation tagsSSEMI3. Show Answer Correct Answer: B) Product differentiation. 20. All of the following are characteristics of a perfectly competitive firm except for A) Firms are price takers. B) There are many firms in the market. C) Products are differentiated. D) Very low barriers to entry and exit. Show Answer Correct Answer: C) Products are differentiated. ← 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