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Market Structures Quiz 25 (30 MCQs)

Quiz Instructions

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1. What kind of chart is this?
2. Which of the following IS an economic cartel?
3. In amount of business done, it is the most important type of business organization in the U.S. today
4. What type of monopoly is based on being the only seller in an area?
5. Which type of business organization has the advantage of limited liability but the disadvantage of less control over business decisions?
6. When the allocation of goods by the free market is NOT efficient economists call it a ..... :
7. Suppose that elasticity of demand of socks is 0.7. If the price of socks is reduced by 10%, how will sales be effected?
8. What government commission ensures hiring practices are fair and non discriminating
9. All sellers sell at that same, low market established price
10. What is the value of the next-best alternative when you make a trade-off?
11. ..... protect consumers against harm from products on the market.
12. An economic system in which decisions on production and consumption of goods and services are made by individuals, buyers, and sellers, NOT governments
13. Sherman Anti-trust Act
14. Which of the following is an example of a product sold in monopolistic competition?
15. How many firms are in a perfectly competitive market?
16. Goods that are provided by the government (and paid for through taxation) are known as:
17. The ability of some businesses to sell the same product for different prices to different groups of people-like airlines charging less for a ticket if you buy a month in advance rather than the day before-is known as
18. SSEMI3 Which business organization issues stocks?
19. Impact on Consumer:Has many choices, gets to choose which version of the product they like best, Prices are relatively reasonable for the product due to lots of competition
20. An agreement among members of an oligopoly to illegally set prices and production
21. In the meat smoker market, a NPF moves the supply curve left. What happens to the allocation of resources?
22. In Monopolistic Competition you would find that purchases are made generally based on .....
23. The broccoli market would be an example of .....
24. Consumers demand less of this type of goods when their income increases.
25. The purpose of a business engaging in a conglomerate combination is to
26. If two shops sell the same merchandise but one offers a higher level of service, the service distinction is a form of
27. Companies are classified into a market structure based on the which of the following characteristics?
28. A way to attract customers by offering a better quality product or a unique service (like the way Chick-Fil-A competes with Zaxby's) is known as
29. What are the examples of oligopoly markets?
30. Which IS NOT a characteristic of Market Structures
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