This quiz works best with JavaScript enabled. Home > Economics > Market Dynamics > Market Structures > Market Structures – Quiz 71 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Market Structures Quiz 71 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Collusion exists, even though it is illegal A) Perfect Competition. B) Monopolistic Competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: C) Oligopoly. 2. Postal service A) Natural monopoly. B) Government monopoly. C) Technological monopoly. D) Geographic monopoly. Show Answer Correct Answer: B) Government monopoly. 3. How many zeroes are there in TEN MILLION? A) 5. B) 6. C) 7. D) 8. Show Answer Correct Answer: C) 7. 4. SSEMI3 This type of business organization is run by a board of directors (who are elected by the stock holders). A) Corporation. B) Sole Proprietorship. C) General Partnership. D) Limited Partnership. Show Answer Correct Answer: A) Corporation. 5. In the long run, the MONOPOLISTIC COMPETITION market is likely to experience A) Normal profits. B) Supernormal profits but higher than monopoly market. C) Economic profits. D) Supernormal profits but lower than monopoly market. Show Answer Correct Answer: D) Supernormal profits but lower than monopoly market. 6. Which piece of legislation was the FIRST to regulate market structures and competition? A) Clayton Act. B) Federal Trade Commission Act. C) Sherman Anti-trust Act. D) None of above. Show Answer Correct Answer: C) Sherman Anti-trust Act. 7. Which market structure is characterized by a large number of small firms, identical products, and easy entry for new firms? A) Monopoly. B) Oligopoly. C) Perfect competition. D) Monopolistic competition. Show Answer Correct Answer: C) Perfect competition. 8. Which of the following Brand Names is an Oligopoly? A) Raceway Unleaded Gasoline. B) Delta Airline Flights. C) Hollister Jeans. D) Great Value Milk. Show Answer Correct Answer: B) Delta Airline Flights. 9. Nearly perfect markets are beneficial because producers are as efficient as possible and A) Consumers do not pay more for a product than it is worth. B) The price of a product bears no relationship to its production costs. C) Producers can sell at any price they choose. D) The quantity of goods produced is restricted. Show Answer Correct Answer: A) Consumers do not pay more for a product than it is worth. 10. An externality is a side effect of production or consumption that has consequences A) For consumers only. B) For people other than the producer or consumer. C) For producers and consumers. D) For producers only. Show Answer Correct Answer: B) For people other than the producer or consumer. 11. What type of monopoly is found at all three levels of government? A) Technological monopoly. B) Geographic monopoly. C) Government monopoly. D) Natural monopoly. Show Answer Correct Answer: C) Government monopoly. 12. Expenses a new business must pay before the first product reaches the customer A) Barrier to entry. B) Start up costs. C) Perfect Compeition. D) None of the above. Show Answer Correct Answer: B) Start up costs. 13. Since movie theaters and video arcades provide highly substitutable services, they may be considered part of the entertainment market A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 14. Based on your notes how many market exist? A) 5. B) 2. C) 4. D) 8. Show Answer Correct Answer: C) 4. 15. Which type of market structure is the cell phone service provider industry? A) Perfect competition. B) Monopolistic competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: C) Oligopoly. 16. The most important laws that promote competition are collectively called ..... A) Non-Price Competition. B) Monopolistic Competition. C) Anti-Trust Legislation. D) Price Fixing. Show Answer Correct Answer: C) Anti-Trust Legislation. 17. Which of the following is an example of an incentive? A) Pay Check. B) Hurricane. C) Job Loss. D) Lower wages. Show Answer Correct Answer: A) Pay Check. 18. This type of business has limited liability? A) Sole Proprietorship. B) Partnership. C) Corporation. D) Mom and Pop Shop. Show Answer Correct Answer: C) Corporation. 19. In the Gilded Age, the steel industry was controlled by which business leader? A) John D. Rockefeller. B) Andrew Carnegie. C) Cornelius Vanderbilt. D) JP Morgan. Show Answer Correct Answer: B) Andrew Carnegie. 20. A firm in perfect competition is free to set price at whatever level it pleases A) TRUE. B) FALSE. Show Answer Correct Answer: B) FALSE. ← 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