This quiz works best with JavaScript enabled. Home > Finance > Economics > Market Dynamics > Market Structures > Market Structures – Quiz 44 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Market Structures Quiz 44 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Is the fourth market structure in #1 incorporated or unincorporated? A) Incorporated. B) Unincorporated. Show Answer Correct Answer: A) Incorporated. 2. Which of the following companies would fit into the category of oligopoly? A) Safeway. B) Walmart. C) Verizon. D) McDonalds. Show Answer Correct Answer: C) Verizon. 3. Which market structure is most similar to perfect competition, but with product differentiation? A) Duopoly. B) Monopoly. C) Oligopoly. D) Monopolistic competition. Show Answer Correct Answer: D) Monopolistic competition. 4. Which of the following is a very difficult market structure to get into? A) Monopoly. B) Monopolistic Competition. C) Perfect Competition. D) Oligopoly. Show Answer Correct Answer: D) Oligopoly. 5. SSEMI3 b Coca-Cola Company and Pepsi Company control roughly 73% of the carbonated (soft drink) soda market. What market structure would this be considered? A) Perfect Competition. B) Monopolistic Competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: C) Oligopoly. 6. Your uncle owns a convenience store that has branches nationwide. His store is an example of a A) Business franchise. B) Consumer cooperative. C) Professional organization. D) Multinational partnership. Show Answer Correct Answer: A) Business franchise. 7. A market structure in which only one producer supplies a good that is in demand is called a A) Monopolistic competition. B) Competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: D) Monopoly. 8. Who is the supplier in the labor market? A) Companies. B) Workers. C) Factories. D) Producers. Show Answer Correct Answer: B) Workers. 9. Which of the following best describes the profit-maximizing rule for a perfectly competitive firm? A) Choose the quantity where marginal cost equals average total cost. B) Choose the quantity where marginal cost equals price. C) Choose the price where its marginal revenue is highest. D) Choose the price where average total cost equals average revenue. E) Choose the quantity where marginal revenue equals average total cost. Show Answer Correct Answer: B) Choose the quantity where marginal cost equals price. 10. The only difference between a ..... and a perfect competition is product differentiation A) Monopolistic Competition. B) Monopoly. C) Oligopoly. D) Perfect Competition. Show Answer Correct Answer: A) Monopolistic Competition. 11. Unions influence the labor market A) Through wage discrimination. B) By pushing wages above equilibrium. C) By taking away jobs. D) By setting the minimum wage. Show Answer Correct Answer: B) By pushing wages above equilibrium. 12. Which of the following is NOT considered a barrier to entry or exit form the market? A) High fixed costs. B) Patents. C) Similar products. D) Proximity to natural resources. Show Answer Correct Answer: C) Similar products. 13. Market failure refers to the ..... due to imperfections in the market mechanism. A) Prevalence of negative externalities. B) Disequilibrium in the market. C) Inefficient allocation of resources. D) Low level of positive externalities. Show Answer Correct Answer: C) Inefficient allocation of resources. 14. The means of gaining business by using factors other than price A) Black Market. B) Rationing. C) Nonprice Competition. D) High Start-Up Costs. Show Answer Correct Answer: C) Nonprice Competition. 15. Theoretical situation in which well-informed, independent buyers and sellers exchange identical products A) Price-fixing. B) Negative externality. C) Product differentiation. D) Perfect competition. Show Answer Correct Answer: D) Perfect competition. 16. A partnership is a business organizationowned by A) Individuals and stockholders. B) One general partner and many stockholders. C) One or more individuals. D) Two or more individuals. Show Answer Correct Answer: D) Two or more individuals. 17. Which of the following is an example of a technological monopoly? A) Batteries. B) Microsoft. Show Answer Correct Answer: B) Microsoft. 18. Cameron is an owner of a business, and she has limited liability. Cameron's business must be which of the following? A) Monopoly. B) Partnership. C) Sole Proprietorship. D) Corporation. Show Answer Correct Answer: D) Corporation. 19. Which of the following lists shows the types of market ordered from highest to lowest market quantity? A) Perfect competition, monopoly, oligopoly. B) Perfect competition, oligopoly, monopoly. C) Monopoly, perfect competition, oligopoly. D) Oligopoly, perfect competition, monopoly. E) Monopoly, oligopoly, perfect competition. Show Answer Correct Answer: B) Perfect competition, oligopoly, monopoly. 20. How does product differentiation occur in monopolistic competition? A) By selling the same product as other companies. B) Through branding, advertising, and unique product features. C) By reducing the quality of the product. D) By lowering the price of the product. Show Answer Correct Answer: B) Through branding, advertising, and unique product features. 21. Which type of market structure is the automobile industry? A) Perfect competition. B) Monopolistic competition. C) Monopoly. D) Oligopoly. Show Answer Correct Answer: D) Oligopoly. 22. The Statue of Liberty was a gift from which country? A) Great Britain. B) Canada. C) Belgium. D) France. Show Answer Correct Answer: D) France. 23. A series of price cuts that result in unusually low prices. A) Price fixing. B) Price war. C) Competition. D) Collusion. Show Answer Correct Answer: B) Price war. 24. Congress empowers local Firefighters as the only life savers 911 can reach out to. A) Government. B) Technological. C) Geographic. D) Natural. Show Answer Correct Answer: A) Government. 25. Why is this scenario an example of a monopoly? John and Mary Doe run the only shoe repair shop in town. A) There's no alternatives in the market. B) There's alternatives in the market. Show Answer Correct Answer: A) There's no alternatives in the market. 26. These make it difficult for new firms to enter a market A) Barriers to entry. B) Collusion. C) Antitrust laws. D) Cartel. Show Answer Correct Answer: A) Barriers to entry. 27. The only gas station in a small town A) Geographic monopoly. B) Government monopoly. C) Natural monopoly. D) Technological monopoly. Show Answer Correct Answer: A) Geographic monopoly. 28. Which type of monopoly is the least harmful to consumers? A) Natural monopoly. B) Government monopoly. C) Geographic monopoly. D) Technological monopoly. Show Answer Correct Answer: A) Natural monopoly. 29. This type of business is owned by many people called stockholders. A) Sole Proprietorship. B) Partnership. C) Corporation. D) Franchise. Show Answer Correct Answer: C) Corporation. 30. Which competition has similar products and use differentiation? A) Monopolistic Competition. B) Monopoly. C) Perfect competition. D) Oligopoly. Show Answer Correct Answer: A) Monopolistic Competition. ← PreviousNext →Related QuizzesMarket Dynamics QuizzesEconomics QuizzesMarket Structures Quiz 1Market Structures Quiz 2Market Structures Quiz 3Market Structures Quiz 4Market Structures Quiz 5Market Structures Quiz 6Market Structures Quiz 7Market Structures Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books