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Market Structures Quiz 38 (30 MCQs)

Quiz Instructions

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1. A ..... is a product that is considered the same no matter who sells it, ex. corn.
2. Google controls 67% of the web search market. The company has grown and branched off into email, online maps, GPS tracking systems, online data storage and mobile phones. There are competitors like Microsoft and Yahoo, but they own just 18% and 11% of the market, respectively. Which market structure(s) best fit Google?
3. A market structure in which a large number of firms all produce the same product and no single seller controls supply or prices
4. If a monopoly can perfectly price discriminate, what happens to the market?
5. What kind of market runs most efficiently when one firm supplies all the goods?
6. Your car was designed in the US but made in Europe, what type of enterprise is this?
7. The use of the features of a product to differentiate the product is ..... ?
8. What type of monopoly is based on ownership of control of a manufacturing method, process, or other scientific advance
9. A trust is when monopoly is broken up in order to increase competition
10. ABC business is one of the few large firms in the country. If it increases his price, his competitors tend to ..... If it decreases his price, his competitors tend to ..... Hence, ABC will ..... its price in order to compete.
11. In the housing market, a NPF moves the demand curve right. What happens to the allocation of resources?
12. Liam, Olivia, and Aiden are running their own businesses in the same industry. They are discussing the impact of new businesses entering and existing businesses leaving their industry in the long run. What could be the impact of these changes on the industry equilibrium?
13. Levi's jeans are part of .....
14. 5 cell phone makers control about 85% of the market for cell phones so they are in what market structure:
15. If there is something wrong a a food product who is responsible for informing the public?
16. This market structure occurs when an industry is filled with many sellers who sell similar but differentiated products
17. How do products in a monopolistic competition differ from the products sold in a perfectly competitive market?
18. If an industry is basically impossible for new firms to enter because of government regulation, it is probably which market structure?
19. Oligopoly is a market which has
20. Which of the following statements about monopolistically competitive markets is false?
21. Brand loyalty describes the willingness of consumers to buy a good at a higher price than the price of its close substitutes
22. A market with very few sellers and plenty buyers is called .....
23. A single-price monopolist is currently producing in the inelastic portion of its market demand curve. In order to maximize profits, the monopolist should change the price and quantity in which of the following ways?
24. In which market structure do firm's not use the marginal principle to maximize profit?
25. This is the easiest market structure to enter because of low barriers to entry and the number of producers.
26. What is the market supply curve for a monopoly firm?
27. Price takers are individuals in a market who:
28. In the circular flow model, which of the following flows in the opposite direction from the flow of factors of production and goods/services?
29. A disadvantage to a corporation is that
30. Buyers have few choices when it comes down to satellite TV and internet providers. Basically, the producers are pretty much the same. This is an example of
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