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Market Structures Quiz 28 (30 MCQs)

Quiz Instructions

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1. Attempt to make a product stand out from similar products
2. Type of merger in which companies that sell similar products merge
3. What is an example of a monopoly?
4. Airlines in the US are in what type of market structure?
5. Which type of competition allows anyone to participate in the market?
6. What group of people ultimately holds the most power in a free enterprise system?
7. Public goods include
8. In this business organization jobs can be split on areas of expertise
9. A market structure is the organization of a industry mainly by the degree of
10. In economics and in the law, the term "trust" refers to .....
11. If potential profits in a market are limited by location, what type of monopoly tends to develop?
12. M.....n.....p.....l.....st.....c c.....mp.....t.....t.....n means
13. What is the relationship between competitive behaviour and competitive market structure?
14. A ..... is a market structure characterized by only one seller of a product dominating the market. (Example:electrical power companies and cable television companies in certain areas)
15. With respect to the circular flow model, businesses provide households with which of the following?
16. Price Control:Can the individual firms in the market for a product exercise any control over the price they charge? If not, they are called a price-taker because they must accept the market price as their own. The weaker the control over price, the more ..... the market.
17. The market for agricultural produce is an example of:
18. This market has no control over price
19. Firms in a market that is perfectly competitive produce goods that are perfect substitutes for each other
20. How does the decision-making process differ between a monopoly and a pure competition market?
21. Firms in an oligopoly
22. One of the ways a corporation can raise money is by
23. When businesses charge different prices to customers for the same service/product, it is called:
24. Cartel is a group of firms that collude to produce the monopoly output and sell at the monopoly price.
25. In California, blueberry growers are price takers. The reason they are price takers is because there are ..... blueberry growers in this area
26. Which market structure has high barriers to entry, firms engage in strategic behavior, and a small number of large firms dominate the market?
27. In which market are firm's products always exactly the same (otherwise known as homogeneous)?
28. If a general partnership fails, who is responsible for the debts?
29. If a perfectly competitive firm is currently producing a level of output at which marginal revenue (MR) exceeds marginal cost (MC), then .....
30. Huge monopolies dominated the American marketplace in the late 1800s. This lead the US Gov't to set ( ..... ) laws to break them up.
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