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Market Structures Quiz 5 (25 MCQs)

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1. In this business organization, a major advantage is the product is well known and has national advertising.
2. Why do cartels NOT last?
3. Explain the concept of interdependence in an oligopoly market.
4. How much influence one company have over the price of the product in the market is called what?
5. What is the difference between perfect competition and monopolistic competition?
6. Advertising and innovation are non-price competition strategies most common in perfect competition markets.
7. Trent is opening a shoe store. He needs money to rent a retail space, buy shoes to stock in the store, pay employees, and make advertisements. These are examples of _____
8. A government issued right to operate a business
9. A condition of a Monopolistic Competitive market is that products are similar but not identical.
10. In the short run, when MONOPOLISTIC COMPETITON experiences economic profit,
11. SSEMI3 If a business fails to meet its financial obligations, the owner (or owners) are personally responsible for those debts.
12. How might an oligopoly control prices?
13. Which type of market structure is the corn industry?
14. Extra cost of producing one more unit
15. Monopoly is characterised by
16. Which market structure has no control over price?
17. OPEC is an example of a
18. Which of the following is not a type of legal monopoly?
19. An industry described as a monopolistic competition would have most likely have
20. Which of the following is not a characteristic of an oligopoly?
21. Restrictions on the entry of a new firm into an industry
22. Government regulations to keep competition fair and protect consumers change the economic system from a market system to a:
23. Limited Liability means that stockholders can lose their investment if the corporation fails.
24. Imagine a product in which consumers would purchase it regardless of the price. Whether it be $ 5 or $ 500 they would continue to purchase it. How would you describe the demand for this product?
25. Laws in cities that restrict where businesses can operate.
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