This quiz works best with JavaScript enabled. Home > Economics > Market Dynamics > Market Structures > Market Structures – Quiz 89 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Market Structures Quiz 89 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Gross Domestic Product A) Increase in prices. B) Decrease in prices. C) Total value of all goods and services produced in a year. D) Gross amount of products imported and exported. Show Answer Correct Answer: C) Total value of all goods and services produced in a year. 2. Which market structure is most likely to have high barriers to entry a small group controlling most of the market, and firms are Price Searchers? A) Perfect competition. B) Monopoly. C) Oligopoly. D) Monopsons. Show Answer Correct Answer: C) Oligopoly. 3. A tangible good that can be bought and sold or exchanged for products of similar value A) Commodity. B) Market. C) Capital. D) None of above. Show Answer Correct Answer: A) Commodity. 4. How many minutes are there in a day? A) 1550. B) 1450. C) 1440. D) 1420. Show Answer Correct Answer: C) 1440. 5. Pure competition and monopoly ..... A) Are the same. B) Are almost the same. C) Are opposites. D) Should not be compared. Show Answer Correct Answer: C) Are opposites. 6. As the number of sellers in an oligopoly grows larger, an oligopolistic market looks more like A) A monopoly. B) A competitive market. C) A collusion solution. D) Monopolistic market. Show Answer Correct Answer: B) A competitive market. 7. A product that is considered the same regardless of who makes it, is considered a "good" . A) True. B) False. Show Answer Correct Answer: B) False. 8. In perfect competition markets, products are perfectly substitutable for each other. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 9. Which of the following businesses most resembles a perfect competition market structure? A) Sally Sari S training. B) Airline companies. C) Electric company. D) Telecommunication Company. Show Answer Correct Answer: A) Sally Sari S training. 10. Profit maximization is A) Marginal profit equals marginal revenue. B) Marginal cost equals marginal revenue. C) Marginal revenue equals profit. D) Profit equal marginal cost. Show Answer Correct Answer: B) Marginal cost equals marginal revenue. 11. The economic value of a worker's experience and skills A) Human Capital. B) Resources. C) Infrastructure. D) None of above. Show Answer Correct Answer: A) Human Capital. 12. These are the goods that a firm has on hand. A) Inventory. B) Shortage. C) Intel. D) Luxury. Show Answer Correct Answer: A) Inventory. 13. Secret agreement or cooperation A) Collusion. B) Cartel. C) Oligopoly. D) Insider trading. Show Answer Correct Answer: A) Collusion. 14. Fill in the blank. Cross Elasticity of Demand is the responsiveness of quantity ..... of one good to a change in the price of another. A) Supplied. B) Demanded. C) Requested. D) Bargained. Show Answer Correct Answer: B) Demanded. 15. What is the ideal market structure? A) Monopolistic competition. B) Monopoly. C) Oligopoly. D) Perfect competition. Show Answer Correct Answer: D) Perfect competition. 16. The sum of the market share of the four largest firms in an industry where a ratio above 40% is good indicator of oligopoly is called A) Four firm concentration ratio. B) Herfindahl index. C) Oligopoly rule. D) Profit maximizing industry. E) Non-collusive oligopoly. Show Answer Correct Answer: A) Four firm concentration ratio. 17. Which of the following is NOT considered a barrier to entry? A) Patents. B) Start up Fees. C) Licenses. D) Education. Show Answer Correct Answer: D) Education. 18. The only gas station within a radius of 200 miles has a A) Geographic monopoly. B) Natural monopoly. C) Technological monopoly. D) None of above. Show Answer Correct Answer: A) Geographic monopoly. 19. Rashaun and Blaine are discussing the characteristics of a corporation. What might you hear them say? A) Corporate owners have unlimited liability. B) Corporations have a limited life. C) Corporations are like a person. D) Corporations are inexpensive and quick to start. Show Answer Correct Answer: C) Corporations are like a person. 20. True or false:The danger of horizontal mergers is it could lead to a monopoly 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