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Market Structures Quiz 38 (20 MCQs)

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1. An economic system in which decisions on production and consumption of goods and services are made by individuals, buyers, and sellers, NOT governments
2. Sherman Anti-trust Act
3. Which of the following is an example of a product sold in monopolistic competition?
4. How many firms are in a perfectly competitive market?
5. Goods that are provided by the government (and paid for through taxation) are known as:
6. The ability of some businesses to sell the same product for different prices to different groups of people-like airlines charging less for a ticket if you buy a month in advance rather than the day before-is known as
7. SSEMI3 Which business organization issues stocks?
8. Impact on Consumer:Has many choices, gets to choose which version of the product they like best, Prices are relatively reasonable for the product due to lots of competition
9. An agreement among members of an oligopoly to illegally set prices and production
10. In the meat smoker market, a NPF moves the supply curve left. What happens to the allocation of resources?
11. In Monopolistic Competition you would find that purchases are made generally based on .....
12. The broccoli market would be an example of .....
13. Consumers demand less of this type of goods when their income increases.
14. The purpose of a business engaging in a conglomerate combination is to
15. If two shops sell the same merchandise but one offers a higher level of service, the service distinction is a form of
16. Companies are classified into a market structure based on the which of the following characteristics?
17. A way to attract customers by offering a better quality product or a unique service (like the way Chick-Fil-A competes with Zaxby's) is known as
18. What are the examples of oligopoly markets?
19. Which IS NOT a characteristic of Market Structures
20. Kinsley bought a new house. The only supplier of electrical power to her new home is Georgia Power. This is an example of a ..... monopoly.
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