This quiz works best with JavaScript enabled. Home > Economics > Market Dynamics > Market Structures > Market Structures – Quiz 67 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Market Structures Quiz 67 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Theoretical situation in which well-informed, independent buyers and sellers exchange identical products A) Price-fixing. B) Negative externality. C) Product differentiation. D) Perfect competition. Show Answer Correct Answer: D) Perfect competition. 2. A partnership is a business organizationowned by A) Individuals and stockholders. B) One general partner and many stockholders. C) One or more individuals. D) Two or more individuals. Show Answer Correct Answer: D) Two or more individuals. 3. Which of the following is an example of a technological monopoly? A) Microsoft. B) Batteries. Show Answer Correct Answer: A) Microsoft. 4. Cameron is an owner of a business, and she has limited liability. Cameron's business must be which of the following? A) Monopoly. B) Partnership. C) Corporation. D) Sole Proprietorship. Show Answer Correct Answer: C) Corporation. 5. Which of the following lists shows the types of market ordered from highest to lowest market quantity? A) Monopoly, oligopoly, perfect competition. B) Oligopoly, perfect competition, monopoly. C) Perfect competition, monopoly, oligopoly. D) Perfect competition, oligopoly, monopoly. E) Monopoly, perfect competition, oligopoly. Show Answer Correct Answer: D) Perfect competition, oligopoly, monopoly. 6. How does product differentiation occur in monopolistic competition? A) By selling the same product as other companies. B) Through branding, advertising, and unique product features. C) By reducing the quality of the product. D) By lowering the price of the product. Show Answer Correct Answer: B) Through branding, advertising, and unique product features. 7. Which type of market structure is the automobile industry? A) Perfect competition. B) Monopolistic competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: C) Oligopoly. 8. The Statue of Liberty was a gift from which country? A) France. B) Belgium. C) Canada. D) Great Britain. Show Answer Correct Answer: A) France. 9. A series of price cuts that result in unusually low prices. A) Price war. B) Competition. C) Collusion. D) Price fixing. Show Answer Correct Answer: A) Price war. 10. Congress empowers local Firefighters as the only life savers 911 can reach out to. A) Natural. B) Government. C) Technological. D) Geographic. Show Answer Correct Answer: B) Government. 11. Which of the following conditions is characteristic of a monopolistically competitive firm in long-run equilibrium? A) P > MR and P = MC. B) ATC = demand and MR = MC. C) P < MC and demand = ATC. D) P > ATC and demand > MR. Show Answer Correct Answer: B) ATC = demand and MR = MC. 12. Why is this scenario an example of a monopoly? John and Mary Doe run the only shoe repair shop in town. A) There's alternatives in the market. B) There's no alternatives in the market. Show Answer Correct Answer: B) There's no alternatives in the market. 13. These make it difficult for new firms to enter a market A) Antitrust laws. B) Cartel. C) Barriers to entry. D) Collusion. Show Answer Correct Answer: C) Barriers to entry. 14. The only gas station in a small town A) Natural monopoly. B) Government monopoly. C) Technological monopoly. D) Geographic monopoly. Show Answer Correct Answer: D) Geographic monopoly. 15. Which type of monopoly is the least harmful to consumers? A) Natural monopoly. B) Government monopoly. C) Technological monopoly. D) Geographic monopoly. Show Answer Correct Answer: A) Natural monopoly. 16. This type of business is owned by many people called stockholders. A) Sole Proprietorship. B) Partnership. C) Corporation. D) Franchise. Show Answer Correct Answer: C) Corporation. 17. Which competition has similar products and use differentiation? A) Perfect competition. B) Oligopoly. C) Monopolistic Competition. D) Monopoly. Show Answer Correct Answer: C) Monopolistic Competition. 18. A monopolist's average revenue is always ..... A) Equal to marginal revenue. B) Greater than the price of its product. C) Equal to the price of its product. D) Less than the price of its product. Show Answer Correct Answer: C) Equal to the price of its product. 19. What is the main goal of a corporation? A) Minimize environmental impact. B) Increase employee satisfaction. C) Promote social responsibility. D) Maximize shareholder value tagsSSEMI3. Show Answer Correct Answer: D) Maximize shareholder value tagsSSEMI3. 20. An industry is considered an oligopoly A) If the ten top producers together supply more than 70 percent of the total output. B) If the four top producers together supply more than 60 percent of the total output. C) If the top producer alone supplies more than 50 percent of the total output. D) If the two top producers together supply more than 90 percent of the total output. Show Answer Correct Answer: B) If the four top producers together supply more than 60 percent of the total output. ← 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