This quiz works best with JavaScript enabled. Home > Economics > Market Dynamics > Market Structures > Market Structures – Quiz 47 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Market Structures Quiz 47 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. This market structure has some barriers to entry but they are typically low A) Monopoly. B) Oligopoly. C) Monopolistic Competition. D) Perfect Competition. Show Answer Correct Answer: C) Monopolistic Competition. 2. There are ..... types of market structures. A) Different. B) Similar. C) Identical. D) None of above. Show Answer Correct Answer: A) Different. 3. Oligopoly is an imperfectly competitive market structure containing ..... firms. A) A few. B) Numerous. C) Option 3. D) None of above. Show Answer Correct Answer: A) A few. 4. Oligopolies and monopolies are the same because ..... A) They both have many buyers and sellers. B) They both are the only sellers of their product. C) They both have identical products. D) They both have high barriers to entry. Show Answer Correct Answer: D) They both have high barriers to entry. 5. Is exploitation common to monopolists? A) Yes. B) No. Show Answer Correct Answer: A) Yes. 6. Natural monopolies typically have high fixed costs, so only one firm is able to serve the market at a profit A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 7. Greater control over prices, higher prices, but still affordable for many, sometimes shortages are created to jack up prices, little competition, good size profit, will sometimes work together to run others out of the market or increase their profits. A) Monopoly. B) Oligopoly. C) Monopolistic Competition. D) Perfect Competition. Show Answer Correct Answer: B) Oligopoly. 8. True or False:In monopolistic competition, products are identical. A) True. B) False. Show Answer Correct Answer: B) False. 9. Jeans, books, shampoo, cereal are examples A) Perfect Competition. B) Monopolistic Competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: B) Monopolistic Competition. 10. Which is NOT one of the 3 Cs of economics? A) Containment. B) Choice. C) Cost. D) Consequences. Show Answer Correct Answer: A) Containment. 11. No control over prices, lowest possible prices, production= at equilibrium, price competition only, small profit and great efficiency in this market A) Monopoly. B) Oligopoly. C) Monopolistic Competition. D) Perfect Competition. Show Answer Correct Answer: D) Perfect Competition. 12. Deregulation means that the government no longer decides what role each company can play in a particular market. A) True. B) False. Show Answer Correct Answer: A) True. 13. SSEMI3 Which business has the greatest degree of decision-making for a single person? A) Corporation. B) Sole proprietorship. C) Partnership. D) None of above. Show Answer Correct Answer: B) Sole proprietorship. 14. In this market, there are no available substitutes: A) Perfect competition. B) Monopolistic competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: D) Monopoly. 15. Which best describes the goal of a monopoly? A) Maximize profits. B) Address Consumer Concerns. C) Lower Barriers to Entry. D) Improve products. Show Answer Correct Answer: A) Maximize profits. 16. SSEMI3 Which of the following is NOT one of the three types of business organizations? A) Sole Proprietorship. B) Partnership. C) Corporation. D) Oligopoly. Show Answer Correct Answer: D) Oligopoly. 17. SSEMI3 b A produce market, with many different farmers selling corn, tomatoes, peppers, etc., (identical products) but the farmers have no control over their prices. This would probably be considered what type of market structure? A) Monopoly. B) Oligopoly. C) Monopolistic Competition. D) Perfect Competiton. Show Answer Correct Answer: D) Perfect Competiton. 18. Difficult to nearly impossible for new firms to enter A) Perfect competition and monopolistic competition. B) Perfect competition and oligopolies. C) Oligopolies and monopolies. D) Monopolies and monopolistic competition. Show Answer Correct Answer: C) Oligopolies and monopolies. 19. As a market structure, ..... offers goods and services that do not have substitutes outside the industry. A) Monopoly. B) Oligopoly. C) Monopolistic competition. D) Pure competition. Show Answer Correct Answer: C) Monopolistic competition. 20. Which of the following statements is not true of firms in perfect competition A) All producers charge the same price. B) All producers make the same product. C) Each firm tries to sell more by reducing its price. D) There are no barriers of entry. Show Answer Correct Answer: C) Each firm tries to sell more by reducing its price. ← 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