This quiz works best with JavaScript enabled. Home > Economics > Market Dynamics > Market Structures > Market Structures – Quiz 37 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Market Structures Quiz 37 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The most extreme version of imperfect competition is A) Monopolistic competition. B) Perfect competition. C) Monopoly. D) Oligopoly. Show Answer Correct Answer: C) Monopoly. 2. An attempt by a seller in monopolistic competition to convince buyers that its product is different and superior to nearly identical products of competitors A) Zoning. B) Patent. C) Advertising. D) Product Differentiation. Show Answer Correct Answer: D) Product Differentiation. 3. Which market structure works the best, based on:price, efficiency & production? A) Monopoly. B) Oligopoly. C) Perfect competition. D) Monopolistic competition. Show Answer Correct Answer: C) Perfect competition. 4. Which of the following questions would be most helpful in determining the market structure of a specific market? A) How far are goods shipped?. B) How similar are the products?. C) How many people want to buy?. D) How are the corporations organized?. Show Answer Correct Answer: B) How similar are the products?. 5. Many (Most) sellers, Identical products A) Perfect Competition. B) Monopolistic Competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: A) Perfect Competition. 6. Which of the following have limited life? A) Sole proprietorship. B) Partnership. C) Corporation. D) Sole proprietorship and partnership. E) Corporation and sole proprietorship. Show Answer Correct Answer: D) Sole proprietorship and partnership. 7. What is the underlying mechanism which explains why a good does not become a private one? A) Tragedy of the Commons. B) Negative Externalities. C) Positive Externalities. D) Free Rider Problem. Show Answer Correct Answer: D) Free Rider Problem. 8. A natural gas producer buys a company that owns natural gas pipelines that transport gas to major urban areas. A) Horizontal. B) Vertical. C) Conglomerate. D) None of above. Show Answer Correct Answer: B) Vertical. 9. ..... is the study of economics on a small scale. A) Macroeconomics. B) Keynesian Economics. C) Microeconomics. D) Home Economics. Show Answer Correct Answer: C) Microeconomics. 10. What kind of chart is this? A) Horizontal bar chart. B) Vertical bar chart. C) Infographics. D) Component bar chart. Show Answer Correct Answer: A) Horizontal bar chart. 11. Which of the following IS an economic cartel? A) FOMC. B) OPEC. C) NCAA. D) CPAC. Show Answer Correct Answer: B) OPEC. 12. In amount of business done, it is the most important type of business organization in the U.S. today A) Sole proprietorship. B) Partnership. C) Corporation. D) None of above. Show Answer Correct Answer: C) Corporation. 13. What type of monopoly is based on being the only seller in an area? A) Technological monopoly. B) Geographic monopoly. C) Government monopoly. D) Natural monopoly. Show Answer Correct Answer: B) Geographic monopoly. 14. Which type of business organization has the advantage of limited liability but the disadvantage of less control over business decisions? A) Perfect competition. B) Partnership. C) Sole proprietorship. D) Corporation. Show Answer Correct Answer: D) Corporation. 15. When the allocation of goods by the free market is NOT efficient economists call it a ..... : A) Market correction. B) Marketing success. C) Marketing blunder. D) Market failure. Show Answer Correct Answer: D) Market failure. 16. Suppose that elasticity of demand of socks is 0.7. If the price of socks is reduced by 10%, how will sales be effected? A) Sales will grow by more than 10%. B) Sales will grow by 10%. C) Sales will grow by less than 10%. D) Sales will decrease by 10%. Show Answer Correct Answer: C) Sales will grow by less than 10%. 17. What government commission ensures hiring practices are fair and non discriminating A) OHSA. B) EEOC. C) FDA. D) None of the above. Show Answer Correct Answer: B) EEOC. 18. All sellers sell at that same, low market established price A) Product differentitation. B) Price takers. C) Collusion. D) None of above. Show Answer Correct Answer: B) Price takers. 19. What is the value of the next-best alternative when you make a trade-off? A) Gummy Bears. B) Opportunity Cost. C) Scarcity. D) Second-Best. Show Answer Correct Answer: B) Opportunity Cost. 20. ..... protect consumers against harm from products on the market. A) Franchises. B) Private property rights. C) Government regulations. D) Profit motives. Show Answer Correct Answer: C) Government regulations. ← 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