This quiz works best with JavaScript enabled. Home > Economics > Market Dynamics > Market Structures > Market Structures – Quiz 87 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Market Structures Quiz 87 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. It is a market structure where there is only one seller and there are many buyers. A) Perfect competition. B) Monopoly. C) Oligopoly. D) Monopolistic competition. Show Answer Correct Answer: B) Monopoly. 2. ..... are a percentage of earnings paid by franchises to parent companies. A) Fringe benefits. B) Salaries. C) Investments. D) Royalties. Show Answer Correct Answer: D) Royalties. 3. Businesses like car or cereal manufacturers A) Oligopoly. B) Perfect Competition. C) Monopoly. D) Monopolistic competition. Show Answer Correct Answer: A) Oligopoly. 4. Products that are the same no matter who produces them A) Homogeneous products. B) Grade. C) Differentiated products. D) Market structure. Show Answer Correct Answer: A) Homogeneous products. 5. When Gillette Co. unveiled Mach3, the world's first triple-blade razor, it took a bold gamble ..... Mach3 cartridges were to sell for around $ 1.60 each. Skeptics predicted the personal-care giant would soon be forced to cut that price. But the price is holding and Mach3 has become the No. 1 blade and razor. What's the secret to pricing power? For starters, a commitment to innovation. Gillette spent nearly $ 1 billion on the development and initial marketing of Mach3. Based on the passage, what type of monopoly is helping Gillette Co. maintain a high price for its Mach3 razor? A) Natural monopoly. B) Technological monopoly. C) Geographic monopoly. D) None of above. Show Answer Correct Answer: B) Technological monopoly. 6. Which type of business model does not seek financial gain, but rather looks after the interests of their consumers? A) Multi-national. B) Non-profit. C) Monopoly. D) Co-operative. Show Answer Correct Answer: B) Non-profit. 7. There are many substitute products available to choose from in a monopolistic market structure. A) True. B) False. Show Answer Correct Answer: B) False. 8. Which market structure has the lowest barriers of exit and entry? A) Perfect Competition. B) Monopolistic Competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: A) Perfect Competition. 9. A market structure where a few large firms dominate. A) Monopoly. B) Oligopoly. C) Twisted. D) Fridgeopoly. Show Answer Correct Answer: B) Oligopoly. 10. What company has the highest percentage of net income in the U.S? A) Sole proprietorship. B) Corporations. C) Multinationals. D) None of above. Show Answer Correct Answer: B) Corporations. 11. What is the biggest benefit of co-operatives? A) Cheaper prices. B) More profit. C) Less options to choose from. D) More options to choose from. Show Answer Correct Answer: A) Cheaper prices. 12. FEW SELLERS DOMINATE THIS MARKET A) OLIGOPOLY. B) MONOPOLY. C) PURE COMPETITION. D) PERFECT COMPETITION. Show Answer Correct Answer: A) OLIGOPOLY. 13. Occurs when businesses agree to set prices for competing products A) Predatory Pricing. B) Market Allocation. C) Price Fixing. D) Perfect Competition. Show Answer Correct Answer: C) Price Fixing. 14. Describe the four features of monopolistic competition A) Large number of firms, identical products, no market power, no barriers to entry or exit. B) Large number of firms, product differentiation, some market power, some barriers to entry or exit. C) Only a few firms, product differentiation, lots of market power, high barriers to entry or exit. D) Only one firm, no need for product differentiation, total market power, extremely high barriers to entry and exit. Show Answer Correct Answer: B) Large number of firms, product differentiation, some market power, some barriers to entry or exit. 15. When a given firm has more market power than other firms in a given industry this mostly means A) They have more control over the price of the product sold in that industry. B) They have less control over the price of the product sold in that industry. C) They can make more of the product sold in that industry. D) They can make a better quality product sold in that industry. Show Answer Correct Answer: A) They have more control over the price of the product sold in that industry. 16. SSEMI3 Which business organization has the disadvantage of paying special taxes (double taxation)? A) Sole Proprietorship. B) Corporation. C) Partnership. D) Oligopoly. Show Answer Correct Answer: B) Corporation. 17. A business that expands their production across many countries around the world is called a ..... A) Multi-national. B) Not profit. C) Co-operative. D) Monopoly. Show Answer Correct Answer: A) Multi-national. 18. A decrease in competition within an industry often results in A) More efficient resource allocation. B) Lower prices. C) A firm wielding economic and political power. D) Increased output. Show Answer Correct Answer: C) A firm wielding economic and political power. 19. SSEMI3 Which business organization has a single owner? A) Sole Proprietorship. B) Corporation. C) Partnership. D) Oligopoly. Show Answer Correct Answer: A) Sole Proprietorship. 20. There are many sellers of blue jeans. Each blue jean seller makes their product slightly different to set it apart from others. There is free entry and exit into the blue jean market. Which market structure does this describe? A) Perfect Competition. B) Oligopoly. C) Monopoly. D) Monopolistic Competition. Show Answer Correct Answer: D) Monopolistic Competition. ← 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