This quiz works best with JavaScript enabled. Home > Finance > Economics > Market Dynamics > Market Structures > Market Structures – Quiz 20 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Market Structures Quiz 20 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. All of the following are examples of public disclosure EXCEPT A) Ingredient labels on food products. B) Yearly reports of how much money has been earned and spent. C) Listing of the people who are on the board of directors of a company. D) All of the above are examples of public disclosure. Show Answer Correct Answer: D) All of the above are examples of public disclosure. 2. Which of the following is regarded as the most influential factor of demand? A) Price of the market. B) Price of the commodity. C) Price of related commodities. D) Price of other commodities. Show Answer Correct Answer: B) Price of the commodity. 3. Which statement is NOT TRUE about monopoly? A) It is difficult for other sellers to compete in the market. B) Only one firm controls the supply and distribution of the product. C) It is considered an imperfect competition. D) The firm doesn't have any control over the price of the product. Show Answer Correct Answer: D) The firm doesn't have any control over the price of the product. 4. How does competition affect producers in a market economy? A) They generally agree to share resources equally. B) They improve the quality of their goods to attract buyers. C) They look to the government to assign resources. D) They ration their goods equally among consumers. Show Answer Correct Answer: B) They improve the quality of their goods to attract buyers. 5. Leticia graduated from college with an engineering degree. She has had several job offersbut is still searching for the right one. What category of unemployment best describesLeticia's situation? A) Permanent. B) Cyclical. C) Frictional. D) Structural. Show Answer Correct Answer: C) Frictional. 6. Which market is most likely to be subject to collusion? A) Perfect competition. B) Monopolistic competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: C) Oligopoly. 7. How many straight edges does a cube have? A) 16. B) 12. C) 8. D) 4. Show Answer Correct Answer: B) 12. 8. Which market structure is characterized by a single seller with complete control over the market? A) Monopsons. B) Oligopoly. C) Monopoly. D) Perfect competition. Show Answer Correct Answer: C) Monopoly. 9. Which of the following market types have only a few competing firms A) Oligopoly. B) Monopolistic competition. C) Monopoly. D) Perfect competition. Show Answer Correct Answer: A) Oligopoly. 10. If competition is inconvenient and impractical, what type of market structure tends to develop? A) Government Monopoly. B) Geographic Monopoly. C) Natural Monopoly. D) Technological Monopoly. Show Answer Correct Answer: C) Natural Monopoly. 11. Which market structure is considered a "price taker" because they have to take the price set by supply and demand? A) Monopolistic Competition. B) Oligopoly. C) Perfect Competition. D) Monopoly. Show Answer Correct Answer: C) Perfect Competition. 12. A student graduates from college and starts a profitable new business. She creates jobs for three workers. Those jobs are A) A form of nonprice competition. B) A sign of market efficiency. C) A negative externality. D) A positive externality of her education. Show Answer Correct Answer: D) A positive externality of her education. 13. Markets with very few barriers to entry are usually A) Monopolies. B) Oligopolies. C) Competitive Markets. D) None of above. Show Answer Correct Answer: C) Competitive Markets. 14. Type of Monopoly is based on businesses creating new products A) Geographic. B) Natural. C) Technological. D) Government. Show Answer Correct Answer: C) Technological. 15. In this situation a small group of business controls an industry. A) Oligopoly. B) Monopoly. C) Megalopoly. D) Triopoly. Show Answer Correct Answer: A) Oligopoly. 16. Which of the following has a natural monopoly in Aklan, for example? A) Sally Sari S training. B) Globe. C) Akelco. D) Jollibee. Show Answer Correct Answer: C) Akelco. 17. All are types of monopolies except A) Natural. B) Technology. C) Geographic. D) National. Show Answer Correct Answer: D) National. 18. Imperfect Competition A) Market structure with perfect competition and no market power. B) Market structure with no sellers and only one buyer. C) Imperfect competition lacks one or more characteristic of pure competition. D) Market structure with only one seller and multiple buyers. Show Answer Correct Answer: C) Imperfect competition lacks one or more characteristic of pure competition. 19. A sole proprietorship is described as A) A business owned by 2 or more people. B) A business owned by one person. C) A business owned by a corporation. D) None of the above. Show Answer Correct Answer: B) A business owned by one person. 20. What is the difference between a perfect competition and monopolistic competition? A) It is easy to enter a Perfect competition, but difficult to enter a Monopolistic competition. B) There are many sellers in a monopolistic competition and few sellers in a perfect competition. C) A monopolistic competition is a perfect competition except it has product differentiation. D) A perfect competition operates at Profit-maximizing price and quantity where MR=MC, a Monopolistic competition operates at normal profit in the long run. Show Answer Correct Answer: C) A monopolistic competition is a perfect competition except it has product differentiation. 21. Monopolistic competition is different from perfect competition because in monopolistic competition ..... A) Products are differentiated. B) There are many buyers and sellers. C) It is easy to enter the market. D) Products are the same. Show Answer Correct Answer: A) Products are differentiated. 22. A competitive market where a few companies dominate the market best describes which market structure A) Monopoly. B) Oligopoly. C) Perfect Competition. D) Monopolistic Competition. Show Answer Correct Answer: B) Oligopoly. 23. It is a group of suppliers whose purpose is to maintain prices at a high level, and to restrict competition in the market. A) Oligopoly. B) Cartel. C) Collusion. D) Oligopsones. Show Answer Correct Answer: B) Cartel. 24. How can you move from a shortage to equilibrium? A) Raise Prices. B) Lower Prices. C) Keep prices the same. D) All of the above. Show Answer Correct Answer: A) Raise Prices. 25. Clayton Anti-trust Act A) The Clayton Anti-trust Act is a federal law in the United States that was enacted in 1914. B) The Clayton Anti-trust Act is a local law in the United States that was enacted in 1914. C) The Clayton Anti-trust Act is an international law that was enacted in 1914. D) The Clayton Anti-trust Act is a state law in the United States that was enacted in 1914. Show Answer Correct Answer: A) The Clayton Anti-trust Act is a federal law in the United States that was enacted in 1914. 26. A ..... economy's government makes all of the major economic decisions. A) Traditional. B) Mixed. C) Market. D) Command. Show Answer Correct Answer: D) Command. 27. In which market structure do firms use "strategic pricing" to find the Nash Equilibrium? A) Perfect competition. B) Monopoly. C) Oligopoly. D) Monopolistic competition. Show Answer Correct Answer: C) Oligopoly. 28. Number of sellers in perfect competition A) A few. B) One. C) Many. D) None of above. Show Answer Correct Answer: C) Many. 29. Product differentiation is A) Offering identical products to consumers. B) Offering different products to consumers. C) Offering similar products to consumers. D) None of above. Show Answer Correct Answer: B) Offering different products to consumers. 30. Generally, each successive unit of a good consumed will cause marginal utility to ..... A) Who knows? Life's a gamble!. B) Decrease (or "diminish"). C) Increase at a decreasing rate. D) Increase at an increasing rate. Show Answer Correct Answer: B) Decrease (or "diminish"). ← 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