This quiz works best with JavaScript enabled. Home > Economics > Market Dynamics > Market Structures > Market Structures – Quiz 75 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Market Structures Quiz 75 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A monopoly that exists because a firm controls an invention is called a A) Geographic monopoly. B) Technological monopoly. C) Natural monopoly. D) None of above. Show Answer Correct Answer: B) Technological monopoly. 2. A socialist economy would pursue all of the following measures or goals EXCEPT A) Public ownership of property. B) Economic planning by the government. C) Laissez-faire policies. D) None of above. Show Answer Correct Answer: C) Laissez-faire policies. 3. Four Kinds of Monopolies A) Natural, Government, Technological, Geographic. B) Natural Monopoly. C) Government Monopoly. D) Technological Monopoly. Show Answer Correct Answer: A) Natural, Government, Technological, Geographic. 4. Which of the following is largely responsible for the growth of a free enterprise system? A) Government. B) Gross Domestic Product. C) Market efficiency. D) Profit motive. Show Answer Correct Answer: D) Profit motive. 5. Which market structure has relatively low entry and exit barriers and firms produce differentiated products? A) Perfect Competition. B) Monopolistic Competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: B) Monopolistic Competition. 6. A market structure that has only a few sellers that offer a similar product. A) Monopoly. B) Oligopoly. C) Price fixing. D) Perfect competition. Show Answer Correct Answer: B) Oligopoly. 7. True/False:The monopolist is a price maker, which means he/she can change the price of the product in order to minimize profits. A) True. B) False. Show Answer Correct Answer: B) False. 8. If you expect gas to be more expensive tomorrow, you might buy gas ..... A) Today. B) Tomorrow. C) Yesterday. D) Next tuesday. Show Answer Correct Answer: A) Today. 9. If a market changes from monopoly to perfect competition, what will happen? A) Prices will increase and market quantity will rise. B) Prices will fall and market quantity will rise. C) Prices will fall and market quantity will fall. D) Nothing. Show Answer Correct Answer: B) Prices will fall and market quantity will rise. 10. The unique feature of an oligopoly market is that the actions of one seller have a significant impact on the profits of all of the other sellers in the market A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 11. Which of the following is characterized by high barriers to entry? A) Monopoly. B) Pure Competition. C) Oligopoly. D) Free Market. Show Answer Correct Answer: A) Monopoly. 12. Allows parties to exchange goods or services to produce products A) Imperfect Competition. B) Resource Market. C) Free Market. D) None of above. Show Answer Correct Answer: B) Resource Market. 13. If a company was trying to figure out a way to advertise the differences in their shoes, that company would most likely fit in the market structure of A) Perfect Competition. B) Monopolistic Competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: B) Monopolistic Competition. 14. A perfect competitive firm charges a price that is ..... A) Different to other firms. B) Higher than other firms. C) Lower than other firms. D) Similar to other firms. Show Answer Correct Answer: D) Similar to other firms. 15. Which of the following is an example of a geographic monopoly? A) The only gas station in a radius of one mile. B) The only restaurant in a radius of 200 miles. C) A store in Chicago that sells only leather goods. D) None of above. Show Answer Correct Answer: B) The only restaurant in a radius of 200 miles. 16. Which market structure has some control over pricing and is relatively easy to enter into? A) Perfect Competition. B) Monopolistic Competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: B) Monopolistic Competition. 17. Which economic system relies on customs, traditions, and cultural beliefs to make economic decisions? A) Traditional economy. B) Command economy. C) Socialist economy. D) Capitalist economy. Show Answer Correct Answer: A) Traditional economy. 18. List the four market structures in the order from least competitive to most competitive. A) Oligopoly, Monopoly, Perfect Competition, Monopolistic Competition. B) Perfect Competition, Oligopoly, Monopoly, Monopolistic Competition. C) Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition. D) Monopoly, Monopolistic Competition, Perfect Competition, Oligopoly. Show Answer Correct Answer: C) Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition. 19. The market structure of pure competition is distinctive because- A) Only one seller is needed in this market structure. B) There are no examples of this type of market structure. C) The sellers in this market structure have no control over price. D) There are large number of barriers to entry into this market structure. Show Answer Correct Answer: B) There are no examples of this type of market structure. 20. There are many substitute products available to choose from in a perfectly competitive market structure. A) True. B) False. Show Answer Correct Answer: A) True. ← 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