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Market Structures Quiz 23 (30 MCQs)

Quiz Instructions

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1. An industry or market that is dominated by a few firms is
2. When P>ATC, this also means that total revenue is ..... than total cost.
3. In a partnership, the owners
4. When two companies that produce the same kind of product merge, this is called a
5. Oligopolies and monopolies are similar because .....
6. If the price of a resource used to produce a good increases, this will ..... the supply of said good.
7. An exclusive right to manufacture, use or sell any new and useful inventionfor a specific period.
8. The book discusses water service as being a ..... monopoly; it would be ineffective otherwise.
9. The lure of ..... motivates entrepreneurs to take risks and start businesses.
10. You are traveling and run low on gas in an out-of-the-way location. There is only one gas station for the next 30 miles. How would you define this market structure?
11. A market structure in which many companies sell products that are similar but not identical
12. Head of the Soviet Communists after 1924, and dictator of the Soviet Union from 1928 to 1953. He led the Soviet Union withan iron fist, using Five-Year Plans to increase industrial production and terror to crush opposition
13. What are the three types of business organizations?
14. A market in which there are many buyers but only one seller.
15. Which market structure has the highest concentration of sellers?
16. MARKET DOMINATED BY A FEW, LARGE PROFITABLE FIRMS THAT COLLUDE TO FIX PRICES
17. When there is an economic/supernormal profit in the short run for PERFECT COMPETITION, most likely
18. Markets are classified by
19. In an oligopolistic market, how many producers are there?
20. Collusion is associated with which market structure?
21. A plant in a small town closes, leaving hundred of people unemployed. There are jobs available at the similar plant in another state, but many of the unemployed workers are unwilling to move or cannot afford to move. An economist might use this as an example to:
22. What prevents firms from entering a monopoly?
23. A firm experiences ..... with expenses that must be paid before goods can be produced and sold.
24. True or False:Horizontal mergers benefit consumers with increased competition and lower prices
25. In the scooter market, a NPF moves the demand curve left. What happens to the allocation of resources?
26. Which of the following is NOT an advantage of organizing your business into a corporation?
27. Which of the following markets have the highest barriers to entry?
28. Few sellers offer similar products
29. Add 23 plus 34 plus 46
30. In monopolistic competition, what type of differentiation helps firms sell their products over others?
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