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Market Structures Quiz 33 (25 MCQs)

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1. Zoe's Bakery determines that P < ATC and P > AVC. Zoe should:
2. A situation in which many businesses compete for customers is called _____
3. As it becomes easier to start a new business in a market, that market
4. With monopolistic competition there are
5. Every firm no matter what maximizes its profits where
6. Which one of the following is an ideal market structure in which consumers and producers each compete directly under the laws of supply and demand?
7. Which of the following is the best example of a standardized product?
8. Who runs corporations?
9. Firms in monopolistic competition
10. Attempt to make a product stand out from similar products
11. Type of merger in which companies that sell similar products merge
12. What is an example of a monopoly?
13. Airlines in the US are in what type of market structure?
14. Which type of competition allows anyone to participate in the market?
15. What group of people ultimately holds the most power in a free enterprise system?
16. Public goods include
17. In this business organization jobs can be split on areas of expertise
18. A market structure is the organization of a industry mainly by the degree of
19. In economics and in the law, the term "trust" refers to _____
20. If potential profits in a market are limited by location, what type of monopoly tends to develop?
21. M_____n_____p_____l_____st_____c c_____mp_____t_____t_____n means
22. What is the relationship between competitive behaviour and competitive market structure?
23. 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)
24. With respect to the circular flow model, businesses provide households with which of the following?
25. 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.
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