This quiz works best with JavaScript enabled. Home > Economics > Market Dynamics > Market Structures > Market Structures – Quiz 66 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Market Structures Quiz 66 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Is the second market structure in #1 incorporated or unincorporated? A) Incorporated. B) Unincorporated. Show Answer Correct Answer: B) Unincorporated. 2. Which of the following is considered to be an advantage of the corporate form of business organization? A) Expensive startup costs. B) Low non-monetary rewards. C) Disagreement among owners. D) Limited liability for stockholders. Show Answer Correct Answer: D) Limited liability for stockholders. 3. In which market structure does a single firm or entity have complete market power and can set prices without competition? A) Perfect Competition. B) Monopolistic Competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: D) Monopoly. 4. In this market structure, products are similar but have some differences. These slight differences allow producers to have some control over price. A) Monopoly. B) Monopolistic Competition. C) Perfect Competition. D) Oligopoly. Show Answer Correct Answer: B) Monopolistic Competition. 5. In this market, 2-24 firms control the market, products can be slightly differentiated, there are high barriers to entry, & lots of control over price A) Monopoly. B) Oligopoly. Show Answer Correct Answer: B) Oligopoly. 6. What are the disadvantages of perfect competition? A) Higher prices, lack of competition, limited market efficiency. B) Higher profits, lack of government intervention, limited market stability. C) Higher consumer choices, lack of price transparency, limited market efficiency. D) Lower profits, lack of innovation, limited consumer choices. Show Answer Correct Answer: D) Lower profits, lack of innovation, limited consumer choices. 7. Is the fourth market structure in #1 incorporated or unincorporated? A) Incorporated. B) Unincorporated. Show Answer Correct Answer: A) Incorporated. 8. Which of the following companies would fit into the category of oligopoly? A) Safeway. B) Walmart. C) McDonalds. D) Verizon. Show Answer Correct Answer: D) Verizon. 9. Which market structure is most similar to perfect competition, but with product differentiation? A) Monopolistic competition. B) Oligopoly. C) Monopoly. D) Duopoly. Show Answer Correct Answer: A) Monopolistic competition. 10. Which of the following is a very difficult market structure to get into? A) Perfect Competition. B) Monopolistic Competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: C) Oligopoly. 11. SSEMI3 b Coca-Cola Company and Pepsi Company control roughly 73% of the carbonated (soft drink) soda market. What market structure would this be considered? A) Monopoly. B) Oligopoly. C) Monopolistic Competition. D) Perfect Competition. Show Answer Correct Answer: B) Oligopoly. 12. Your uncle owns a convenience store that has branches nationwide. His store is an example of a A) Business franchise. B) Professional organization. C) Multinational partnership. D) Consumer cooperative. Show Answer Correct Answer: A) Business franchise. 13. A market structure in which only one producer supplies a good that is in demand is called a A) Monopoly. B) Oligopoly. C) Competition. D) Monopolistic competition. Show Answer Correct Answer: A) Monopoly. 14. Who is the supplier in the labor market? A) Workers. B) Producers. C) Companies. D) Factories. Show Answer Correct Answer: A) Workers. 15. Which of the following best describes the profit-maximizing rule for a perfectly competitive firm? A) Choose the quantity where marginal revenue equals average total cost. B) Choose the price where its marginal revenue is highest. C) Choose the quantity where marginal cost equals average total cost. D) Choose the quantity where marginal cost equals price. E) Choose the price where average total cost equals average revenue. Show Answer Correct Answer: D) Choose the quantity where marginal cost equals price. 16. The only difference between a ..... and a perfect competition is product differentiation A) Perfect Competition. B) Monopolistic Competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: B) Monopolistic Competition. 17. Unions influence the labor market A) Through wage discrimination. B) By pushing wages above equilibrium. C) By taking away jobs. D) By setting the minimum wage. Show Answer Correct Answer: B) By pushing wages above equilibrium. 18. Which of the following is NOT considered a barrier to entry or exit form the market? A) Similar products. B) Patents. C) High fixed costs. D) Proximity to natural resources. Show Answer Correct Answer: A) Similar products. 19. Market failure refers to the ..... due to imperfections in the market mechanism. A) Prevalence of negative externalities. B) Disequilibrium in the market. C) Inefficient allocation of resources. D) Low level of positive externalities. Show Answer Correct Answer: C) Inefficient allocation of resources. 20. The means of gaining business by using factors other than price A) Nonprice Competition. B) High Start-Up Costs. C) Rationing. D) Black Market. Show Answer Correct Answer: A) Nonprice 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