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Market Structures Quiz 31 (30 MCQs)

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1. Which market structure has a single firm or entity as the sole seller or producer of a particular product or service?
2. SSEMI3 b WOW and Comcast, the only two internet service providers in Evans, meet secretly to decide to set prices very high. This is an example of
3. Which of the following companies were one of the first to be regulated by the government?
4. Illegal combination of corporations or companies organized to suppress competition
5. Market structure where alternatives for its products are limited.
6. A business that cannot set the prices itself, but accepts the market price
7. The market type known as perfect competition is .....
8. If an industry is relatively cheap for new firms to enter, but consumers do not care about quality differences it is probably which market structure?
9. Which of the following is the most competitive market structure?
10. This market structure has some barriers to entry but they are typically low
11. There are ..... types of market structures.
12. Oligopoly is an imperfectly competitive market structure containing ..... firms.
13. Oligopolies and monopolies are the same because .....
14. Is exploitation common to monopolists?
15. Natural monopolies typically have high fixed costs, so only one firm is able to serve the market at a profit
16. Greater control over prices, higher prices, but still affordable for many, sometimes shortages are created to jack up prices, little competition, good size profit, will sometimes work together to run others out of the market or increase their profits.
17. True or False:In monopolistic competition, products are identical.
18. Jeans, books, shampoo, cereal are examples
19. Which is NOT one of the 3 Cs of economics?
20. No control over prices, lowest possible prices, production= at equilibrium, price competition only, small profit and great efficiency in this market
21. Deregulation means that the government no longer decides what role each company can play in a particular market.
22. SSEMI3 Which business has the greatest degree of decision-making for a single person?
23. In this market, there are no available substitutes:
24. Which best describes the goal of a monopoly?
25. SSEMI3 Which of the following is NOT one of the three types of business organizations?
26. SSEMI3 b A produce market, with many different farmers selling corn, tomatoes, peppers, etc., (identical products) but the farmers have no control over their prices. This would probably be considered what type of market structure?
27. Difficult to nearly impossible for new firms to enter
28. As a market structure, ..... offers goods and services that do not have substitutes outside the industry.
29. Which of the following statements is not true of firms in perfect competition
30. In a perfect competition all the sellers of the market are small sellers in competition with each other.
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