Market Structures Quiz 24 (25 MCQs)

Quiz Instructions:

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1. Which market is most likely to be subject to collusion?

2. How many straight edges does a cube have?

3. Which market structure is characterized by a single seller with complete control over the market?

4. Which of the following market types have only a few competing firms

5. If competition is inconvenient and impractical, what type of market structure tends to develop?

6. Which market structure is considered a "price taker" because they have to take the price set by supply and demand?

7. A student graduates from college and starts a profitable new business. She creates jobs for three workers. Those jobs are

8. Markets with very few barriers to entry are usually

9. Type of Monopoly is based on businesses creating new products

10. In this situation a small group of business controls an industry.

11. Which of the following has a natural monopoly in Aklan, for example?

12. All are types of monopolies except

13. Imperfect Competition

14. A sole proprietorship is described as

15. What is the difference between a perfect competition and monopolistic competition?

16. Monopolistic competition is different from perfect competition because in monopolistic competition _____

17. A competitive market where a few companies dominate the market best describes which market structure

18. It is a group of suppliers whose purpose is to maintain prices at a high level, and to restrict competition in the market.

19. How can you move from a shortage to equilibrium?

20. Clayton Anti-trust Act

21. A _____ economy's government makes all of the major economic decisions.

22. In which market structure do firms use "strategic pricing" to find the Nash Equilibrium?

23. Number of sellers in perfect competition

24. Product differentiation is

25. Generally, each successive unit of a good consumed will cause marginal utility to _____