This quiz works best with JavaScript enabled. Home > Economics > Market Dynamics > Market Structures > Market Structures – Quiz 44 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Market Structures Quiz 44 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. If Mark wants to sell his corn at a local farmer's market, he must be aware that the product is standardized and that he will have no control over the price. The market structure he is MOST likely participating in is A) Monopolistic competition. B) Oligopoly. C) Perfect competition. D) Monopoly. Show Answer Correct Answer: C) Perfect competition. 2. Land, labor, capital, and entrepreneurship are A) Economics. B) Ethics. C) Factors of production. D) Gross domestic Product (GDP). Show Answer Correct Answer: C) Factors of production. 3. In monopoly in long run equilibrium: A) The firm is productively efficient. B) The firm is allocatively inefficient. C) The firm produces where marginal cost is less than marginal revenue. D) The firm produces at the socially optimal level. Show Answer Correct Answer: B) The firm is allocatively inefficient. 4. In the sneaker market, a NPF moves the supply curve right. What happens to the allocation of resources? A) Moves left. B) Moves right. C) Increase. D) Decrease. Show Answer Correct Answer: C) Increase. 5. How many sellers are in a perfectly competitive market? A) Many. B) Few. C) Unknown. D) It depends on the product. Show Answer Correct Answer: A) Many. 6. Ability of a company to control prices and total market output A) Market power. B) Price discrimination. C) License. D) Government monopoly. Show Answer Correct Answer: A) Market power. 7. How many teeth does a normal adult mouth have? A) 34. B) 32. C) 24. D) 40. Show Answer Correct Answer: B) 32. 8. The only "In and Out" in town A) Natural. B) Government. C) Technological. D) Geographic. Show Answer Correct Answer: D) Geographic. 9. If an industry is relatively cheap for new firms to enter, but consumers care about quality differences it is probably which market structure? A) Perfect competition. B) Oligopoly. C) Monopoly. D) Monopolistic competition. Show Answer Correct Answer: D) Monopolistic competition. 10. Which market structure is considered a "price maker" because they have total control over price? A) Perfect Competition. B) Monopolistic Competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: D) Monopoly. 11. The first government attempt to stop anti-competitive behavior was A) The Sherman Antitrust Act. B) The Federal Trade Commission. C) The Celler-Kefauver Antimerger Act. D) The Clayton Act. Show Answer Correct Answer: A) The Sherman Antitrust Act. 12. A monopoly owned and operated by the government A) Natural monopoly. B) Technological monopoly. C) Geographic monopoly. D) Government monopoly. Show Answer Correct Answer: D) Government monopoly. 13. The minimum legal price that an employer may pay a worker for one hour of work A) Maximum Wage. B) Rationing. C) Minimum Wage. D) Competitive Wage. Show Answer Correct Answer: C) Minimum Wage. 14. Which trait or characteristic would describe a successful entrepreneur? A) Lazy. B) Shy. C) Bossy. D) Self Starter. Show Answer Correct Answer: D) Self Starter. 15. Entry into monopolistic competition or oligopoly is not free, but it is possible A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 16. Patents are a form of monopoly that society allows because they A) Maintain an orderly way for companies to make a lot of money. B) Give companies the right to decide who will be allowed to use their products. C) Set up a situation in which only a few manufacturers can control an industry. D) Encourage firms and people to research new products that benefit society as a whole. Show Answer Correct Answer: B) Give companies the right to decide who will be allowed to use their products. 17. A market that runs most efficiently when one large firm provides all of the output A) Natural Monopoly. B) Monopoly. C) Government Monopoly. D) Oligopoly. Show Answer Correct Answer: A) Natural Monopoly. 18. If prices decrease the supply producers are willing to make ..... A) Also decreases. B) Rises. C) Stays the same. D) Suppliers will stop making products completely. Show Answer Correct Answer: A) Also decreases. 19. A lone convenience store in a small town is an example of what? A) Natural monopoly. B) Geographic monopoly. C) Government monopoly. D) Technological monopoly. Show Answer Correct Answer: B) Geographic monopoly. 20. There is no single seller or buyer can influence the change in market price of a product. A) Pure Competition. B) Monopolistic Competition. C) Pure Monopoly. D) None of above. Show Answer Correct Answer: A) 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