This quiz works best with JavaScript enabled. Home > Economics > Market Dynamics > Market Structures > Market Structures – Quiz 94 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Market Structures Quiz 94 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. When a monopoly has copyrights or patents on their products and no one else can create their goods. This is an example of: A) Natural monopoly. B) Geographical monopoly. C) Technological monopoly. D) Government monopoly. Show Answer Correct Answer: C) Technological monopoly. 2. In which market structure do producers have the most market power? A) Monopolistic competition. B) Monopoly. C) Oligopoly. D) Perfect competition. Show Answer Correct Answer: B) Monopoly. 3. Most mergers take place to improve a company's performance in the eyes of A) The employees. B) Government regulators. C) Tax collectors. D) The shareholders. Show Answer Correct Answer: D) The shareholders. 4. The ideal model of a market economy is known as ..... A) Monopolistic Competition. B) Oligopoly. C) Monopoly. D) Perfect Competition. Show Answer Correct Answer: D) Perfect Competition. 5. Market structure where many firms compete for a share of the market through product differentiation A) Partnership. B) Pure competition. C) Monopolistic competition. D) Monopoly. Show Answer Correct Answer: C) Monopolistic competition. 6. Impact on the customer:have many seller options and provides the lowest price to consumers A) Perfect Competition. B) Monopolistic comeptition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: A) Perfect Competition. 7. What type of monopoly has no other businesses or companies around. An example could be a gas station in the middle of the desert. A) Natural monopoly. B) Geographic monopoly. C) Tech monopoly. D) Government monopoly. Show Answer Correct Answer: B) Geographic monopoly. 8. How many weeks in 3 years? A) 158. B) 166. C) 156. D) 165. Show Answer Correct Answer: C) 156. 9. Fred gets laid off from his job at the quarry. Due to his decreased income, he is no longer able spend money going bowling with Barney every week, but now he has extra time to mow the lawn and help Wilma with the housework. Is this macroeconomic or microeconomic? A) Macroeconomic. B) Microeconomics. Show Answer Correct Answer: B) Microeconomics. 10. Who controls the prices in perfect competition? A) Consumers. B) Sellers/firms. C) The Government tagsSSEMI3. D) None of above. Show Answer Correct Answer: A) Consumers. 11. What is the market structure where the number of firms is large, there is free entry and exit of firms, but the goods produced by them are not homogeneous? A) Perfect competition. B) Oligopoly. C) Monopoly. D) Monopolistic competition. Show Answer Correct Answer: D) Monopolistic competition. 12. This type of monopoly provides public goods. A) Natural Monopoly. B) Government Monopoly. C) Technical Monopoly. D) Geographic Monopoly. Show Answer Correct Answer: B) Government Monopoly. 13. Non Price Factor (NPF)-Increase in personal tax rates. What curve is impacted in the TV market and how? A) Demand Left. B) Demand Right. C) Supply Left. D) Supply Right. Show Answer Correct Answer: A) Demand Left. 14. What is 100% illegal to do in the USA? A) Monopolies. B) Cartels. C) Price discrimination. D) All choices given. Show Answer Correct Answer: B) Cartels. 15. In which market is entry the easiest? A) Perfect competition. B) Monopolistic competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: A) Perfect competition. 16. In order for something to be considered a public good, two things must be true:the good must be non-rivalry and what? A) Non exclusionary. B) Free. C) Non taxable. D) Non interferring. Show Answer Correct Answer: A) Non exclusionary. 17. What is the main advantage of perfect competition for consumers? A) Best prices. B) Brand recognition. C) High barriers of entry. D) Limited information. Show Answer Correct Answer: A) Best prices. 18. Which market structure has a unique product with no substitutes? A) Perfect competition. B) Monopolistic competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: D) Monopoly. 19. In which market structure does a single firm have complete control over the market and its products have no close substitutes? A) Monopolistic Competition. B) Perfect Competition. C) Monopoly. D) Oligopoly. Show Answer Correct Answer: C) Monopoly. 20. When marginal revenue equals marginal cost, a perfectly competitive firm is A) Determining the price it will set. B) Maximizing its revenues. C) Establishing its shutdown point. D) Maximizing its profit. Show Answer Correct Answer: D) Maximizing its profit. ← 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