This quiz works best with JavaScript enabled. Home > Economics > Market Dynamics > Market Structures > Market Structures – Quiz 92 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Market Structures Quiz 92 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is NOT considered Product Differentiation? A) How one company's smart phone differs from another. B) McDonald's french fries vs Burger King french Fries. C) A company knowing some inside information that other companies do not. D) Comparing a Ford pickup truck to a Chevy pickup truck. Show Answer Correct Answer: C) A company knowing some inside information that other companies do not. 2. Which is an example of a public good? A) A rock band. B) A car. C) National defense. D) Bread. Show Answer Correct Answer: C) National defense. 3. Apart from each other, Ja'mya, M'Cayla, & Ashlyn own most of the rental houses in Eastman. Which is true? A) The market for rental houses in monopolistically competitive. B) The market for rental houses is a monopoly. C) The market for rental houses is an oligopoly. D) The market for rental houses is purely competitive. Show Answer Correct Answer: C) The market for rental houses is an oligopoly. 4. A cartel is an example of perfect competition. A) True. B) False. Show Answer Correct Answer: B) False. 5. Museums, public schools, and YMCAs are all A) Exempt from paying taxes. B) Completely supported by the government. C) Promoted by trade association. D) Supported by professional organizations. Show Answer Correct Answer: A) Exempt from paying taxes. 6. What is the slope of the marginal revenue curve? A) Positive. B) Negative. C) Zero. D) Depends on the quantity sold. Show Answer Correct Answer: B) Negative. 7. A major characteristics of monopolistic competition is that prices will be A) Higher than perfect competition. B) Lower than perfect comp. C) Higher than monopoly. D) Unrelated to comp. Show Answer Correct Answer: A) Higher than perfect competition. 8. The efficiency of monopolistic competition A) Depends on whether the gain from extra product variety offsets the selling cost and extra cost that arises from excess capacity. B) Is equal to that of monopoly. C) Is as clear cut as the efficiency of perfect competition. D) Is eliminated in the long run. E) Comes from its excess capacity. Show Answer Correct Answer: A) Depends on whether the gain from extra product variety offsets the selling cost and extra cost that arises from excess capacity. 9. Which of the following pieces of legislation prohibited unfair business practices, price setting, price discrimination, and set up the Federal Trade Commission to investigate unfair business practices. A) Interstate Commerce Act. B) Clayton Anti-Trust Act. C) Sherman Anti-Trust Act. D) Federal Trade Commision. Show Answer Correct Answer: B) Clayton Anti-Trust Act. 10. Which type of monopoly is allowed to exist because it gives an incentive to create or improve something? A) Natural Monopoly. B) Geographic Monopoly. C) Government Monopoly. D) Technological Monopoly. Show Answer Correct Answer: D) Technological Monopoly. 11. A firm operating in the ..... ? ..... market structure has no market power A) Monopoly. B) Oligopoly. C) Monopolistic Competition. D) Perfect Competition. Show Answer Correct Answer: D) Perfect Competition. 12. The price charged by a perfectly competitive firm is A) Higher the more the firm produces. B) Lower the more the firm produces. C) The same as the market price. D) Different than the price charged by competing firms. E) Indeterminate. Show Answer Correct Answer: C) The same as the market price. 13. .... is the money a firm receives from selling its output. A) Cold cash money. B) Sales. C) Revenue. D) None of above. Show Answer Correct Answer: C) Revenue. 14. An economic model of competition among businesses in the same industry is called ..... A) Monopoly. B) Merger. C) Market Structure. D) Sole Proprietorship. Show Answer Correct Answer: C) Market Structure. 15. Setting prices below cost to drive smaller companies out of business A) Perfect Competition. B) Nonprice Competition. C) Predatory pricing. D) Product Differentiation. Show Answer Correct Answer: C) Predatory pricing. 16. Which market offers perfect substitution? A) Monopoly. B) Monopolistic competition. C) Perfect competition. D) Oligopoly. Show Answer Correct Answer: C) Perfect competition. 17. The government has these types of laws to regulate illegal practices of monopolies A) Anti-environmental. B) Antitrust. C) Anti-American. D) Anti-monopoly. Show Answer Correct Answer: B) Antitrust. 18. Perfect competition markets would have the highest barriers to entry. A) TRUE. B) FALSE. Show Answer Correct Answer: B) FALSE. 19. Henry, Zoe, and William are discussing about different market structures in their Leaving Cert course. Henry mentioned Perfect Competition, Zoe talked about Oligopoly, and William discussed Monopoly. Which of these is NOT a market structure on their course? A) Perfect Competition. B) Imperfect Competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: B) Imperfect Competition. 20. A technological monopoly involves: A) Stealing plans from another business. B) Being the only seller in a small town. C) Having a patent for a new invention or scientific process. D) Having a few sellers in the market. Show Answer Correct Answer: C) Having a patent for a new invention or scientific process. ← 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