This quiz works best with JavaScript enabled. Home > Economics > Market Dynamics > Market Structures > Market Structures – Quiz 80 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Market Structures Quiz 80 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. In a market with perfect competition, how are prices determined? A) By supply and demand. B) By government regulation. C) By cultural ideals of fairness. D) By agreement among producers. Show Answer Correct Answer: A) By supply and demand. 2. The division of consumers into groups based on how much they will pay for a good A) Cartel. B) Price Discrimination. C) Collusion. D) Price War. Show Answer Correct Answer: B) Price Discrimination. 3. How can oligopolies legally control prices? A) Collusion. B) Standardized products. C) Price leadership. D) Conglomerates. Show Answer Correct Answer: C) Price leadership. 4. The European Union fined Google for being a monopoly A) False. B) True. Show Answer Correct Answer: B) True. 5. A single supplier that constitutes the entire industry is an example of A) An Oligopoly. B) A Competitive Market. C) A Monopoly. D) None of above. Show Answer Correct Answer: C) A Monopoly. 6. What is an example of an oligopoly market? A) Fast food industry. B) Smartphone industry. C) Clothing industry. D) Automobile industry. Show Answer Correct Answer: B) Smartphone industry. 7. The exclusive right to do business in a certain area without competition A) Turf. B) Franchise. C) Regional choice. D) STARBUCKS EVERYWHERE!!!. Show Answer Correct Answer: B) Franchise. 8. Monopolistic competition is separated from pure competition by A) Collusion. B) Profit maximization. C) Product differentiation. D) Imperfect competition. Show Answer Correct Answer: C) Product differentiation. 9. Sellers are price takers in a perfectly competitive market. A) True. B) False. Show Answer Correct Answer: A) True. 10. Nike, Google and Apple are examples of ..... A) Sole Proprietorships. B) Partnerships. C) Corporations. D) Franchises. Show Answer Correct Answer: C) Corporations. 11. Deregulation: A) Is the removal of some government controls over a market. B) Is used to promote competition. C) Is followed by an economically healthy weeding out of some firms from that market. D) All of the Above. Show Answer Correct Answer: D) All of the Above. 12. Which of the following is one of the disadvantages of corporations? A) Limited funds for the company's growth. B) Unlimited liability of owners. C) Limited life of the organization. D) Stricter government regulations. Show Answer Correct Answer: D) Stricter government regulations. 13. A 5% rise the price of beef decreased quantity of beef demanded by 10% and increase the quantity demanded of chicken by 15%(i) Calculate the cross elasticity of demand between beef and chicken A) 1/3. B) 3. C) 2. D) 1/2. Show Answer Correct Answer: B) 3. 14. Which of these is the best example of an externality? A) You decide to stop snacking between meals. B) You enjoy looking at your neighbor's garden. C) Your shoe store stops selling your favorite style. D) Your new bicycle goes faster than expected. Show Answer Correct Answer: B) You enjoy looking at your neighbor's garden. 15. The MOST LIKELY reason for an entrepreneur to start a new business is A) To make a profit. B) To risk financial failure. C) To create a new social benefit. D) To discover a new product. Show Answer Correct Answer: A) To make a profit. 16. The most important decisions in a corporation are made by A) The founders of the company. B) The stockholders. C) The board of directors. D) The investors. Show Answer Correct Answer: C) The board of directors. 17. Restaurants in Tucson are part of which market structure? A) Monopoly. B) Oligopoly. C) Monopolistic Competition. D) Perfect Competition. Show Answer Correct Answer: C) Monopolistic Competition. 18. Lots of barriers to entry A) Oligopoly. B) Monopoly. C) Perfect Competition. D) None of above. Show Answer Correct Answer: A) Oligopoly. 19. Market has many sellers and fair prices A) Oligopoly. B) Monopoly. C) Perfect Competition. D) None of above. Show Answer Correct Answer: C) Perfect Competition. 20. Aria, Michael, and Benjamin are running separate lemonade stands in a perfectly competitive market. What is each of their goals? A) To maximize their stand's influence in the market. B) To collude with other lemonade stands. C) To minimize the cost of lemons and sugar. D) To earn as much profit as possible from their lemonade sales. Show Answer Correct Answer: D) To earn as much profit as possible from their lemonade sales. ← 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