This quiz works best with JavaScript enabled. Home > Economics > Market Dynamics > Market Structures > Market Structures – Quiz 42 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Market Structures Quiz 42 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Attempt to make a product stand out from similar products A) Perfect Competition. B) Nonprice Competition. C) Predatory pricing. D) Product Differentiation. Show Answer Correct Answer: D) Product Differentiation. 2. Type of merger in which companies that sell similar products merge A) Vertical. B) Horizontal. C) Conglomerate. D) None of above. Show Answer Correct Answer: B) Horizontal. 3. What is an example of a monopoly? A) Taco Bell. B) National Hockey League (NHL). C) Lucky Brand Jeans. D) Holiday Inn. Show Answer Correct Answer: B) National Hockey League (NHL). 4. Airlines in the US are in what type of market structure? A) Monopoly. B) Oligopoly. C) Perfect Competition. D) Monopolistic Competition. Show Answer Correct Answer: B) Oligopoly. 5. Which type of competition allows anyone to participate in the market? A) Monopolistic Competition. B) Perfect Compeition. C) Both Monopolistic and Perfect Competition. D) Oligopoly. Show Answer Correct Answer: C) Both Monopolistic and Perfect Competition. 6. What group of people ultimately holds the most power in a free enterprise system? A) Consumers. B) Business owners. C) Entrepreneurs. D) The government. Show Answer Correct Answer: A) Consumers. 7. Public goods include A) Banking and other financial services. B) Child-care services. C) Computer repair services. D) Fire and police services. Show Answer Correct Answer: D) Fire and police services. 8. In this business organization jobs can be split on areas of expertise A) Sole proprietorship. B) Partnership. C) Franchise. D) Corporation. Show Answer Correct Answer: B) Partnership. 9. A market structure is the organization of a industry mainly by the degree of A) Competition. B) Success. C) Costs. D) Benefits. Show Answer Correct Answer: A) Competition. 10. In economics and in the law, the term "trust" refers to ..... A) Business owners that believe in the law. B) Banks that loan funds to businesses. C) Wealthy people who inherited their fortures. D) Businesses that have become monopolies. Show Answer Correct Answer: D) Businesses that have become monopolies. 11. If potential profits in a market are limited by location, what type of monopoly tends to develop? A) Geographic Monopoly. B) Government Monopoly. C) Technical Monopoly. D) Natural Monopoly. Show Answer Correct Answer: A) Geographic Monopoly. 12. M.....n.....p.....l.....st.....c c.....mp.....t.....t.....n means A) Oligopoly. B) Monopolistic competition. Show Answer Correct Answer: B) Monopolistic competition. 13. What is the relationship between competitive behaviour and competitive market structure? A) Competitive market structure is determined by government regulations, not competitive behavior. B) Competitive behavior has no impact on the competitive market structure. C) Competitive behavior is inversely related to the competitive market structure. D) The level of competitive behavior is directly related to the competitive market structure. Show Answer Correct Answer: D) The level of competitive behavior is directly related to the competitive market structure. 14. A ..... is a market structure characterized by only one seller of a product dominating the market. (Example:electrical power companies and cable television companies in certain areas) A) Oligopoly. B) Monopsons. C) Perfect competition. D) Monopoly. Show Answer Correct Answer: D) Monopoly. 15. With respect to the circular flow model, businesses provide households with which of the following? A) Taxes and interest. B) Labor and taxes. C) Goods, services, and incomes. D) Public goods and transfer payments. Show Answer Correct Answer: C) Goods, services, and incomes. 16. Price Control:Can the individual firms in the market for a product exercise any control over the price they charge? If not, they are called a price-taker because they must accept the market price as their own. The weaker the control over price, the more ..... the market. A) Regulated. B) Oligopolistic. C) Monopolistic. D) Competitive. Show Answer Correct Answer: D) Competitive. 17. The market for agricultural produce is an example of: A) Monopoly. B) Oligopoly. C) Monopolistic competition. D) Perfect competition. Show Answer Correct Answer: D) Perfect competition. 18. This market has no control over price A) Monopolistic competition. B) Oligopoly. C) Monopoly. D) Perfect competition. Show Answer Correct Answer: D) Perfect competition. 19. Firms in a market that is perfectly competitive produce goods that are perfect substitutes for each other A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 20. How does the decision-making process differ between a monopoly and a pure competition market? A) Decisions made in a monopoly are made by consumers, while the producers make the decisions in pure competition. B) Decisions in a monopoly are made by the producer, while consumer demand determines decisions in pure competition. C) Decisions made in a monopoly are determined by demand, while decisions in pure competition are determined by supplyand price. D) Decisions in a monopoly are determined by profit and demand, while decisions in pure competition are determined byprofit and supply. Show Answer Correct Answer: B) Decisions in a monopoly are made by the producer, while consumer demand determines decisions in pure 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