This quiz works best with JavaScript enabled. Home > Economics > Market Dynamics > Market Structures > Market Structures – Quiz 63 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Market Structures Quiz 63 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Partnerships are the least common type of business organization? A) True. B) False. Show Answer Correct Answer: A) True. 2. Which of the following Market structures has the most sellers? A) Perfect Competition. B) Monopolistic Competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: A) Perfect Competition. 3. ..... is a market structure characterized by a very large number of buyers and sellers of an identical product. (Example:commodities like crude oil) A) Perfect competition. B) Monopsons. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: A) Perfect competition. 4. A ..... only has one seller of a product with no close substitutes. A) Oligopoly. B) Monopoly. C) Barrier to entry. D) Scarcity. Show Answer Correct Answer: B) Monopoly. 5. Benefits that encourage people to act in certain ways are called A) Utility. B) Consumer. C) Efficiency. D) Incentives. Show Answer Correct Answer: D) Incentives. 6. Technology advances quickly, all companies sell at about the same price, always have "price promotions" available to consumers A) Perfect Competition. B) Monopolistic comeptition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: C) Oligopoly. 7. A beauty salons would be an example If who' which type of market structure? A) Oligopoly. B) Perfect competition. C) Monopolistic competition. D) Monopoly. Show Answer Correct Answer: C) Monopolistic competition. 8. Describe the four features of perfect competition. A) Large number of firms, identical products, no market power, no barriers to entry or exit. B) Large number of firms, product differentiation, some market power, some barriers to entry or exit. C) Only a few firms, product differentiation, lots of market power, high barriers to entry or exit. D) Only one firm, no need for product differentiation, total market power, extremely high barriers to entry and exit. Show Answer Correct Answer: A) Large number of firms, identical products, no market power, no barriers to entry or exit. 9. The key thing the government does to turn any seller into a monopoly is A) Subsidize it. B) Tax it more heavily. C) Issue patents. D) Enforce anti-trust laws. Show Answer Correct Answer: C) Issue patents. 10. A corporation is a legal "person." This means the corporation A) Is difficult to organize. B) Can raise only limited capital. C) Is the most common form of business organization. D) Can sue or be sued, enter into contracts, and must pay taxes. Show Answer Correct Answer: D) Can sue or be sued, enter into contracts, and must pay taxes. 11. A large number businesses selling similar but different products at different prices A) Monopoly. B) Oligopoly. C) Perfect competition. D) Monopolistic competition. Show Answer Correct Answer: D) Monopolistic competition. 12. A business organization owned and controlled by one person A) Partnership. B) Corporation. C) Sole Proprietorship. D) Franchise. Show Answer Correct Answer: C) Sole Proprietorship. 13. Liability is the A) Opportunity of the sole proprietor tokeep all profits after taxes. B) Legal obligation to pay debts. C) Requirement to offer fringe benefits. D) Necessity to do a lot of paper work. Show Answer Correct Answer: B) Legal obligation to pay debts. 14. The USA has a ..... market, meaning we have the right to choose what and what not to buy. A) Free. B) Rich. C) Low. D) High. Show Answer Correct Answer: A) Free. 15. If an industry has 4 firms, but is very expensive for new firms to enter, it is probably which market structure? A) Perfect competition. B) Oligopoly. C) Monopoly. D) Monopolistic competition. Show Answer Correct Answer: B) Oligopoly. 16. A movie theater that provides discounted tickets to groups such as seniors, students, and military personal is engaging in A) Price discrimination. B) Non-price competition. C) Collusion. D) Deregulation. Show Answer Correct Answer: A) Price discrimination. 17. What is a Patent? A) An agreement to share the invention of a product with others. B) Money shared with stockholders based on the sell of a product. C) A license that gives the inventor of a new product the exclusive right to sell it for a certain period of time. D) None of above. Show Answer Correct Answer: C) A license that gives the inventor of a new product the exclusive right to sell it for a certain period of time. 18. What kind of market runs most efficiently when one large firm supplies all of the output? A) A natural monopoly. B) A network. C) Perfect competition. D) Imperfect competition. Show Answer Correct Answer: A) A natural monopoly. 19. True or False:In perfect competition, the equilibrium price is set by supply and demand. A) True. B) False. Show Answer Correct Answer: A) True. 20. Governmental Regulatory Agency in charge of Food quality A) FDA. B) EPA. C) CPA. D) SEC. Show Answer Correct Answer: A) FDA. ← 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