This quiz works best with JavaScript enabled. Home > Economics > Market Dynamics > Market Structures > Market Structures – Quiz 72 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Market Structures Quiz 72 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Real or perceived differences between competing products in the sameindustry. A) Consumer choice. B) Nonprice competition. C) Imperfect choice. D) Product differentiation. Show Answer Correct Answer: D) Product differentiation. 2. Sanjay invested all of his savings to open a sporting goods store in his community. WHich quality of entrepreneurs did Sanjay most display by this action? A) Innovative. B) Willingness to take risks. C) Self-motivation. D) Organized. Show Answer Correct Answer: B) Willingness to take risks. 3. If one gas station lowers gas prices for the sole purpose of beating the price of the gas station across the street, it could cause a condition known as ..... A) Disequilibrium. B) Complements. C) Elasticity. D) Substitutes. Show Answer Correct Answer: A) Disequilibrium. 4. If the goal of government regulators of a natural monopoly is to reduce deadweight loss without subsidizing the monopolist, government regulators would set a price equal to: A) Average variable cost. B) Average total cost. C) Average fixed cost. D) Marginal cost. Show Answer Correct Answer: B) Average total cost. 5. Why is perfect competitive firms are considered as price takers? A) Each firm is very large. B) Many other firms produce identical products. C) Their Demand curves are downward sloping. D) There are no good substitutes for their products. Show Answer Correct Answer: A) Each firm is very large. 6. Price varies by attribute such as a location or by Customer Segment is ..... degree of Price Discrimination A) First. B) Second. C) Third. D) Fourth. Show Answer Correct Answer: C) Third. 7. SSEMI3 b This is a good that is virtually identical. Examples would be corn or crude oil. A) Commodity. B) Want. C) Luxury item. D) None of above. Show Answer Correct Answer: A) Commodity. 8. A structure in which a single producer supplies a unique product that has no close substitutes. In an unregulated monopoly, the producer sets price. A) Oligopoly. B) Perfect Competition. C) Monopoly. D) Monopolistic Competition. Show Answer Correct Answer: C) Monopoly. 9. When a factory pollutes a river, the resulting water pollution is an example of a ..... A) Technological monopoly. B) Public good. C) Negative externality. D) Neutral spillover effect. Show Answer Correct Answer: C) Negative externality. 10. Although many people are involved, it is treated by the law as though it were one person A) Sole proprietorship. B) Partnership. C) Corporation. D) None of above. Show Answer Correct Answer: C) Corporation. 11. Battle of the Classes Volleyball Winning class A) Freshmen. B) Sophomores. C) Seniors. D) Juniors. Show Answer Correct Answer: C) Seniors. 12. What type of monopoly is based on based on the absence of other sellers in a certain area? A) Natural Monopoly. B) Geographic Monopoly. C) Technological Monopoly. D) Government Monopoly. Show Answer Correct Answer: B) Geographic Monopoly. 13. A market structure in which very few large sellers dominate the market is called what? A) Oligopoly. B) Monopoly. C) Pure competition. D) Perfect competition. Show Answer Correct Answer: A) Oligopoly. 14. A monopoly can best be summed up as A) Many producers, identical products. B) Few producers, similar products. C) Many producers, similar but varied products. D) One producer, a unique product. Show Answer Correct Answer: D) One producer, a unique product. 15. Products have the same basic purpose with some differences A) Product differentitation. B) Price takers. C) Collusion. D) None of above. Show Answer Correct Answer: A) Product differentitation. 16. The price of labor is known as A) Cost. B) Competition. C) Trust. D) Wage. Show Answer Correct Answer: D) Wage. 17. The degree of the product differentiation A) Number of companies on the market. B) Degree of product differentiation. Show Answer Correct Answer: B) Degree of product differentiation. 18. Which of the following will not increase the demand for education in Nigeria? A) Favourable government policies. B) Increase in tuition. C) Increase in Abuja residents. D) Increase in the number of schools nationwide. Show Answer Correct Answer: B) Increase in tuition. 19. Monopolists are able to divide consumers into groups and charge different prices. What is the name of this market practice? A) Non-price competition. B) Price competition. C) Price discrimination. D) Price fixing. Show Answer Correct Answer: C) Price discrimination. 20. Laws that give government the power to control monopolies and to break them up are called A) Antimonopoly laws. B) Antitrust laws. C) Antimerger laws. D) None of above. Show Answer Correct Answer: B) Antitrust laws. ← 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