This quiz works best with JavaScript enabled. Home > Economics > Market Dynamics > Market Structures > Market Structures – Quiz 95 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Market Structures Quiz 95 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. In an oligopoly market, the company's choice of strategy by considering its opponents' strategies is called A) Competitive balance. B) Free market equilibrium. C) Nash equilibrium. D) Maximum community welfare. E) Dominant strategy. Show Answer Correct Answer: C) Nash equilibrium. 2. NPF-The Aust Gov't reintroduces the Baby Bonus. What curve is impacted in the pram market and how? A) Demand Left. B) Demand Right. C) Supply Left. D) Supply Right. Show Answer Correct Answer: B) Demand Right. 3. Why would a company want to merge with another? A) Grow faster. B) Change image. C) Eliminate competition. D) All of the Above. Show Answer Correct Answer: D) All of the Above. 4. Has all the same basic characteristics as a Perfect Competition, But the products are DIFFERENTIATED A) Perfect Competition. B) Monopolistic Competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: B) Monopolistic Competition. 5. In the short-run, a firm operating in a perfectly competitive industry will produce the quantity of output where price equals marginal cost as long as the ..... A) Price is less than average total cost. B) Marginal revenue exceeds the marginal cost. C) Price is greater than average variable cost. D) Price is greater than average fixed cost but less than average variable cost. Show Answer Correct Answer: C) Price is greater than average variable cost. 6. What is an example of a natural monopoly? A) Centerpoint. B) Apple. C) Beats. D) None of above. Show Answer Correct Answer: A) Centerpoint. 7. Antitrust legislation has been passed to allow the government to A) Compete with private companies. B) Break up monopolies. C) Prevent interference with trusts. D) None of above. Show Answer Correct Answer: B) Break up monopolies. 8. Which market structure is characterized by a few large firms that dominate the market? A) Oligopoly. B) Monopsons. C) Monopoly. D) Perfect competition. Show Answer Correct Answer: A) Oligopoly. 9. In the US Economy, resources, goods/ services, and money flow among which economic actors? A) Households, Business, and the Government. B) Households/Individuals, Business, and Markets. C) Markets, Businesses. D) Household/Individuals, Businesses, and the Economy. Show Answer Correct Answer: A) Households, Business, and the Government. 10. An organization of workers that seeks to improve wages A) Nonprofit Organization. B) Private Company. C) Public Company. D) Labor Union. Show Answer Correct Answer: D) Labor Union. 11. Businesses working together to set prices of competing goods A) Price Takers. B) Monopoly. C) Oligopoly. D) Price Fixing. Show Answer Correct Answer: D) Price Fixing. 12. If a firm can change market prices by altering its output, then it A) Has market power. B) Faces a flat demand curve. C) Is a price taker. D) Engages in marginal cost pricing. Show Answer Correct Answer: A) Has market power. 13. What does sigma stand for? A) Standard. B) Supply. C) Summation. D) Score. Show Answer Correct Answer: C) Summation. 14. What makes a demand effective? A) Price of the commodity. B) The ability of consumers to make purchase. C) The willingness of consumers to make purchase. D) The supply of the good. Show Answer Correct Answer: B) The ability of consumers to make purchase. 15. Which market structure is influenced by market equilibrium. A) Perfect competition. B) Monopoly. C) Oligopoly. D) Monopolistic competition. Show Answer Correct Answer: A) Perfect competition. 16. Fast food restaurants are an example of ..... A) Nations. B) Monopolistic competition. C) Pure / perfect competition. D) Monopolies. Show Answer Correct Answer: B) Monopolistic competition. 17. Which market structure is very difficult, but NOT the most difficult to enter into? A) Perfect Competition. B) Monopolistic Competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: C) Oligopoly. 18. Imagine a product in which customers were completely price sensitive. Where even a $ 0.01 increase would result in zero quantity demanded. How would you categorize the demand? A) Perfectly competitive. B) Perfectly monopolistic. C) Perfectly inelastic. D) Perfectly elastic. Show Answer Correct Answer: D) Perfectly elastic. 19. SSEMI3 Money payments distributing some of a corporations profit to shareholders on a quarterly basis. A) Dividends. B) Shares. C) Profits. D) Money. Show Answer Correct Answer: A) Dividends. 20. Type of monopoly is based on most efficient distribution of goods being only 1 business? A) Natural. B) Government. C) Technological. D) Geographic. Show Answer Correct Answer: A) Natural. ← 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