This quiz works best with JavaScript enabled. Home > Finance > Economics > Market Dynamics > Market Structures > Market Structures – Quiz 46 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Market Structures Quiz 46 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Why are there only a few firms in an Oligopoly? A) Less Control of Prices. B) Tough Working Conditions. C) High Start-Up Costs. D) Government Regulation. Show Answer Correct Answer: C) High Start-Up Costs. 2. What kind of monopoly does the granting of patents encourage? A) Natural Monopoly. B) Technological Monopoly. C) Geographic Monopoly. D) Government Monopoly. Show Answer Correct Answer: B) Technological Monopoly. 3. When the quantity supplied is greater than the quantity demanded A) Government intervenes. B) It doesn't mean anything. C) A shortage has occurred. D) A surplus has occurred. Show Answer Correct Answer: D) A surplus has occurred. 4. What type of monopoly where the costs of production are minimized by having a single firm produce the product? A) Natural monopoly. B) Government monopoly. C) Technological monopoly. D) Geographic monopoly. Show Answer Correct Answer: A) Natural monopoly. 5. What is the main advantage of a partnership? A) Limited liability. B) Centralized decision-making. C) Higher tax rates. D) Shared responsibility and workload tagsSSEMI3. Show Answer Correct Answer: D) Shared responsibility and workload tagsSSEMI3. 6. Natural monopolies are actually very good because A) They can price things lower when the market can't. B) They are not good because all monopolies are bad no matter what. C) They use all natural ingredients to make their product. D) We all only need one of them to best manage our resources. Show Answer Correct Answer: D) We all only need one of them to best manage our resources. 7. The market most rarely seen in the world: A) Monopoly. B) Oligopoly. C) Monopolistic competition. D) Perfect competition. Show Answer Correct Answer: D) Perfect competition. 8. Mia, Aiden, and Sophia are discussing about different market structures in their economics class. They are trying to identify the market structure where sellers offer identical products. Can you help them? A) Monopolistic Competition. B) Pure Competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: B) Pure Competition. 9. On the Periodic Table what is the symbol for Chlorine A) Ch. B) Kl. C) Cl. D) K. Show Answer Correct Answer: C) Cl. 10. What is regarded as the ideal market structure? A) Oligopoly. B) Perfect competition. C) Monopoly. D) Monopolistic competition. Show Answer Correct Answer: B) Perfect competition. 11. According to Lionel Robbins, what are means? A) Raw materials. B) Goods. C) Services. D) Resources. Show Answer Correct Answer: D) Resources. 12. Which of the following describes a horizontal merger? A) The Pluto Motor Company merges with Acme Tire Company. B) Futerama Video Games merges with Lighting Battery Company. C) The Sunshine Rice Cereal Company merges with New Dawn Oat Cereal Company. D) Megabux Film Studios merges with Good Earth Food Stores. Show Answer Correct Answer: C) The Sunshine Rice Cereal Company merges with New Dawn Oat Cereal Company. 13. The market for gizmos is very fragmented, there aretens of thousands of individual producers who eachproduce a small amount. The producer's gizmos aregenerally the same in both quality and appearance, andconsumers are indifferent between producers' products. Thedemand for gizmos is perfectly elastic and the firms areconsidered "price-takers" .How would you categorize the market for gizmos? A) Oligopoly. B) Monopoly. C) Monopolistic Competition. D) Perfect Competition. Show Answer Correct Answer: D) Perfect Competition. 14. No choice or competition, higher prices A) Oligopoly. B) Monopoly. C) Monopolistic comeptition. D) Perfect Competition. Show Answer Correct Answer: B) Monopoly. 15. Agreements between duopolies are usually difficult to maintain because A) They usually cannot agree on the quantity to sell. B) They usually cannot agree on what price to set. C) They usually want to charge higher prices than the monopolist. D) Individual monopolists are often dishonest. E) Each duopoly has a drive to control a larger market share. Show Answer Correct Answer: E) Each duopoly has a drive to control a larger market share. 16. Many firms selling identical product and have no control over price. A) Monopoly. B) Perfect Competition. C) Monopolistic Competition. D) Oligopoly. Show Answer Correct Answer: B) Perfect Competition. 17. An example of monopolistic competition where products are somewhat similar A) Monopolistic competition. B) Monopoly. Show Answer Correct Answer: A) Monopolistic competition. 18. The demand curve for the MONOPOLY market structure will be A) Highly elastic. B) Perfectly elastic. C) Perfectly inelastic. D) Inelastic. Show Answer Correct Answer: D) Inelastic. 19. Name one characteristic of monopolistic competition. A) Barriers to entry tagsSSEMI3. B) Product differentiation. C) Perfect competition. D) Price uniformity. Show Answer Correct Answer: B) Product differentiation. 20. If a company controls a specific process for making windows, it has a A) Technological monopoly. B) Natural monopoly. C) Government monopoly. D) None of above. Show Answer Correct Answer: A) Technological monopoly. 21. Competition amongst producers using price to differentiate their product is known as ..... ? A) Product differentiation. B) Non price competition. C) Price competition. D) None of the above. Show Answer Correct Answer: C) Price competition. 22. ABC, CBS, FOX and NBC are a great example of this market structure A) Oligopoly. B) Perfect Competition. C) Imperfect Competition. D) Monopoly. Show Answer Correct Answer: A) Oligopoly. 23. Which of the following represents a short run fixed cost for a restaurant? A) Electricity. B) The ingredients. C) The employees. D) The outdoor signage. Show Answer Correct Answer: D) The outdoor signage. 24. Large firms can work together called ..... The desire to do so is to raise prices which is called ..... A) Oligopolies; price determination. B) Cartels; price setting. C) Collusion; price fixing. D) Teamwork; price-fixer-upper. Show Answer Correct Answer: C) Collusion; price fixing. 25. A business that does not have to consider competitors when setting its prices A) Price Taker. B) Competitive Pricing. C) Price Maker. D) Equilibrium Price. Show Answer Correct Answer: C) Price Maker. 26. What are the conditions to form a monopoly? A) More than one firm producing a variety of goods. B) 1. One firm2. No variety of goods3. Complete barriers to entry4. Complete control over price. Show Answer Correct Answer: B) 1. One firm2. No variety of goods3. Complete barriers to entry4. Complete control over price. 27. Oligopolies may sometimes act like monopolies when they use cooperative pricing. Which form of cooperative pricing is legal in the United States? A) Cartel formation. B) Collusion. C) Price leadership. D) All of the above. Show Answer Correct Answer: C) Price leadership. 28. What type of business organization can raise capital the easiest? A) Non-profit. B) Corporation. C) Partnership. D) Sole proprietorship. Show Answer Correct Answer: B) Corporation. 29. What government commission ensures work places are free of hazards that may cause death or serious injury? A) FLSA. B) OSHA. C) FDA. D) EEOC. Show Answer Correct Answer: B) OSHA. 30. Which of the following is not a characteristic of monopolistic competition? A) Products are very similar so there must be product differentiation. B) Identical products. C) Lots of advertising. D) Very competitive. Show Answer Correct Answer: B) Identical products. ← 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