This quiz works best with JavaScript enabled. Home > Economics > Market Dynamics > Market Structures > Market Structures – Quiz 40 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Market Structures Quiz 40 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Sweezy' s Model explains the concept of price rigidity relating to the following market forms A) Oligopolistic Market. B) Perfect Competition Market. C) Monopoly Market. D) Monopolistic Competition. Show Answer Correct Answer: A) Oligopolistic Market. 2. What controls prices in Perfect Competition? A) Sellers. B) Supply and Demand. C) Government. D) Advertisers. Show Answer Correct Answer: B) Supply and Demand. 3. Public Disclosure A) Release sale dates. B) List job openings. C) Requires businesses to reveal certain information to the public. Stock exchangeLabels on foodBank reports filed with the Federal Reserve System. D) List recalls. Show Answer Correct Answer: C) Requires businesses to reveal certain information to the public. Stock exchangeLabels on foodBank reports filed with the Federal Reserve System. 4. Multinational Corporations operate in other countries and are also known as ..... A) Transnational Corporation. B) Stifled Corporation. C) Expanded Corporation. D) Transcontinental Corporation. Show Answer Correct Answer: A) Transnational Corporation. 5. What kind of graph is this? A) Multiple bar chart. B) Component bar chart. C) Histogram. D) Coloured bar chart. Show Answer Correct Answer: A) Multiple bar chart. 6. Guy and his brothers want to start a plumbing business together. What is an advantage of organizing the business as a partnership rather than a corporation? A) Partnerships can be started up quickly. B) Partnerships can issue stock to raise money. C) Partnerships have limited legal liability. D) Partnerships need a legal charter to begin. Show Answer Correct Answer: A) Partnerships can be started up quickly. 7. SSEMI3 Mr. Coleman's lemonade business failed and he is in debt for over $ 300K. He has to sell his house and live under a garbage bag. This is an example of his A) Corporate directors. B) Poor decision making. C) Unlimited liability. D) Limited liability. Show Answer Correct Answer: C) Unlimited liability. 8. What is the main difference between perfect competition and monopolistic competition? A) The main difference is that in perfect competition, there are many small firms selling identical products, while in monopolistic competition, there are many firms selling similar but differentiated products, and they have some degree of market power. B) The main difference is that in perfect competition, there are only a few large firms, while in monopolistic competition, there are many small firms. C) The main difference is that in perfect competition, there is no product differentiation, while in monopolistic competition, there is no market power. D) The main difference is that in perfect competition, there are barriers to entry, while in monopolistic competition, there are no barriers to entry. Show Answer Correct Answer: A) The main difference is that in perfect competition, there are many small firms selling identical products, while in monopolistic competition, there are many firms selling similar but differentiated products, and they have some degree of market power. 9. Business model in which debt is shared between two or more people A) Corporation. B) Sole proprietorship. C) Partnership. D) None of above. Show Answer Correct Answer: C) Partnership. 10. An entrepreneur can choose to have which type of business organization? A) Sole Proprietorship. B) Partnership. C) Corporation. D) All of the above. Show Answer Correct Answer: D) All of the above. 11. Few Large Sellers A) Perfect Competition. B) Monopolistic Competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: C) Oligopoly. 12. An example of an oligopoly is A) Oranges. B) Cell phones. C) Utilities. D) Shoes. Show Answer Correct Answer: B) Cell phones. 13. This type of business organization can be owned by two or more people who share unlimited liability for business debts A) Sole Propriotorship. B) Partnership. C) Corporation. D) None of above. Show Answer Correct Answer: B) Partnership. 14. In a mixed economy, who plays a significant role in economic decision-making? A) Only private individuals. B) Only government. C) Government and private individuals or businesses. D) International organizations. Show Answer Correct Answer: C) Government and private individuals or businesses. 15. What happens when the price of a particular brand in monopolistic competition is lowered? A) Consumers shift to consuming that brand. B) Consumers switch to a different market structure. C) Consumers stop buying the product. D) Consumers become loyal to the brand. Show Answer Correct Answer: A) Consumers shift to consuming that brand. 16. Which describes a barrier to entry? A) Anything that protects a firm from the arrival of new competitors. B) A government regulation that bars a monopoly from earning an economic profit. C) Something that establishes a barrier to expanding output. D) Firms already in the market incurring economic losses so that no new firm wants to enter the market. Show Answer Correct Answer: A) Anything that protects a firm from the arrival of new competitors. 17. Where can you NOT buy coca cola? A) United Kingdom. B) North Korea. C) Honduras. D) South Africa. Show Answer Correct Answer: B) North Korea. 18. The OPEC is comprised of 13 countries that possess about 80% of the world's oil reserves. What market structure does OPEC represent? A) Perfect competition. B) Monopoly. C) Oligopoly. D) Monopolistic competition. Show Answer Correct Answer: C) Oligopoly. 19. Oligopoly and Pricing A) Monopolistic competition and Pricing. B) Perfect competition and Pricing. C) Price-fixing is a form of collusion, and it is an agreement to set the same or similar prices for a product. D) Monopoly and Pricing. Show Answer Correct Answer: C) Price-fixing is a form of collusion, and it is an agreement to set the same or similar prices for a product. 20. Which of the following is an advantage of a corporation? A) Limited liability. B) Easy to form. C) Taxed only once. D) Shared losses. Show Answer Correct Answer: A) Limited liability. ← 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