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Market Structures Quiz 19 (30 MCQs)

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1. What kind of products. are sold in a perfectly competitive market?
2. An economic system in which people are free to start their own businesses or to do whatever work they want. Also called capitalism or free market system
3. This is an unsavory practice that big businesses can take part in which results in higher costs for consumers.
4. The amount of something available to consumers is .....
5. A monopoly created by economies of scale is known as a
6. If Farmer John expresses a desire to sell his corn at a local farmer's market, he must be aware that the product is standardizedand that he will have no control over the market price. The market structure he is MOST likely participating in is
7. For a competitive market, the supply curve will be closely related to
8. These are disadvantages of what type of business organization? Unlimited liabilty, burden of responsibility on owner, and limited life
9. Low barriers to entry, but differentiated products give businesses some control over prices.
10. An industry with a large number of firms, differentiated products, and free entry and exit is called
11. Which market structure has very high product differentiation levels?
12. The cost added by producing one additional product or service.
13. Imagine Benjamin, Ethan, and Nora are playing a game of 'Market Masters'. They are trying to identify the type of market where there are many sellers offering differentiated products. Can you help them out?
14. Which condition is NOT required for perfect competition?
15. All of the following may lead to market failure EXCEPT
16. What is a collusive oligopoly?
17. What is one kind of monopoly that the U.S. government generally permits?
18. Which of the following is an example of nonprice competition?
19. Exists when the business controls a manufacturing method or an invention protected by a patent
20. The Government seeks to encourage ..... Externalities.
21. Definition:Market power
22. Priya is studying different market structures in her economics class. She came across a scenario where a single company, say 'X', controls the entire market for a particular product. What is this market structure called?
23. What type of a monopoly the government owns and operates?
24. A benefit someone receives who was not involved in the activity that generated the benefit.
25. In the 1990s, AT&T controlled 80% of the phone industry and was the ONLY provider of long distance phone service. This is an example of
26. What are some examples of corporations?
27. A market structure with a few large firms
28. Gordon lists his old Lionel electric trains on eBay and sets a minimum acceptable price at $ 75. He received three bids after five days on eBay:$ 25, $ 50, and $ 75. He accepts the latter. His producer surplus is:
29. Promotes wise decision making when using resources
30. A merger of corporations involved in different steps of manufacturing is known as ..... ?
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