This quiz works best with JavaScript enabled. Home > Economics > Market Dynamics > Market Structures > Market Structures – Quiz 64 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Market Structures Quiz 64 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is not monopolistic competition? A) Grocery stores. B) Clothing stores. C) Restaurants. D) Cell phone providers. Show Answer Correct Answer: D) Cell phone providers. 2. Market dominated by a single seller A) Perfect competition. B) Monopolistic competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: D) Monopoly. 3. This business organization has to pay fees and royalties to the parent company. A) Sole proprietorship. B) Corporation. C) Partnership. D) Franchise. Show Answer Correct Answer: D) Franchise. 4. High barriers to entry means less than 5 or fewer businesses control 70% or more market share. A) Perfect competition. B) Monopolistic competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: C) Oligopoly. 5. A market structure with a small number of firms whose behaviors is interdependent A) Monopoly. B) Oligopoly. C) Monopolistic Competition. D) Perfect Competition. E) Barriers to entry. Show Answer Correct Answer: B) Oligopoly. 6. What does it mean when a firm engages in market differentiation? A) It seeks a government contract to have the sole right to provide a good or service in an area. B) It makes agreements with other firms about production levels. C) It seeks to distinguish its good or services from those of other firms. D) It sets a price for its product and expects smaller firms to price their products accordingly. Show Answer Correct Answer: C) It seeks to distinguish its good or services from those of other firms. 7. Which market structure is characterized by many farmers producing identical agricultural products? A) Perfect Competition. B) Monopolistic Competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: A) Perfect Competition. 8. The demand curve for PERFECT COMPETITION is A) Perfectly inelastic. B) Perfectly elastic. C) Elastic. D) Inelastic. Show Answer Correct Answer: B) Perfectly elastic. 9. Monopolies are able to control prices because they have A) Much competition and there are many substitutes for their products. B) Much competition and there are no close substitutes for their products. C) No competition and there are no close substitutes for their products. D) None of above. Show Answer Correct Answer: C) No competition and there are no close substitutes for their products. 10. NPF-Stan & Netflix drops its monthly fee by 50%. What curve is impacted in the cinema market and how? A) Demand Left. B) Demand Right. C) Supply Left. D) Supply Right. Show Answer Correct Answer: A) Demand Left. 11. The demand for a perfectly competitive firm's product is ..... A) Elastic. B) Inelastic. C) Perfectly elastic. D) Perfectly inelastic. E) Unit elastic. Show Answer Correct Answer: C) Perfectly elastic. 12. This market structure occurs when an entire industry is controlled by one company A) Monopoly. B) Oligopoly. C) Monopolistic Competition. D) Perfect Competition. Show Answer Correct Answer: A) Monopoly. 13. Scottish economist who wrote the Wealth of Nations a precursor to modern Capitalism A) Adam Smith. B) Joseph Stalin. C) Karl Marx. D) None of above. Show Answer Correct Answer: A) Adam Smith. 14. SSEMI3 b This is a market structure with a large number of buyers and sellers of products that are similar but can be differentiated by brand, quality, etc. A) Perfect Competition. B) Monopolistic Competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: B) Monopolistic Competition. 15. Which of these was the winner of the monopoly of the year in the article we read in class? A) NAACP. B) NCIS. C) NCAA. D) NFL. Show Answer Correct Answer: C) NCAA. 16. Which market structure is characterized by a large number of buyers and sellers, homogeneous products, and perfect information? A) Monopoly. B) Perfect competition. C) Oligopoly. D) Monopolistic competition. Show Answer Correct Answer: B) Perfect competition. 17. The government does not try to eliminate all monopolies. Why? A) It would be impossible. B) Not all monopolies are bad. C) The government itself is a monopoly. D) The aren't any monopolies anymore. Show Answer Correct Answer: B) Not all monopolies are bad. 18. Few sellers= A) Monopoly. B) Oligopoly. Show Answer Correct Answer: B) Oligopoly. 19. Microsoft, Sony, and Nintendo would be examples what of market structure? A) Monopoly. B) Perfect competition. C) Oligopoly. D) Monopolistic competition. Show Answer Correct Answer: C) Oligopoly. 20. Positive and negative externalities are called market failures because A) They cause imperfect competition. B) They lead to higher prices. C) Their cost and benefits are not reflected in the prices paid by buys and received by sellers. D) They provide public goods. Show Answer Correct Answer: C) Their cost and benefits are not reflected in the prices paid by buys and received by sellers. ← 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