This quiz works best with JavaScript enabled. Home > Finance > Economics > Market Dynamics > Market Structures > Market Structures – Quiz 53 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Market Structures Quiz 53 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The right to sell a good or service within an exclusive market A) Franchise. B) Branding. C) Free market. D) Open market. Show Answer Correct Answer: A) Franchise. 2. In a market with perfect competition, how are prices determined? A) By supply and demand. B) By government regulation. C) By cultural ideals of fairness. D) By agreement among producers. Show Answer Correct Answer: A) By supply and demand. 3. The division of consumers into groups based on how much they will pay for a good A) Price Discrimination. B) Price War. C) Cartel. D) Collusion. Show Answer Correct Answer: A) Price Discrimination. 4. How can oligopolies legally control prices? A) Collusion. B) Standardized products. C) Price leadership. D) Conglomerates. Show Answer Correct Answer: C) Price leadership. 5. The European Union fined Google for being a monopoly A) True. B) False. Show Answer Correct Answer: A) True. 6. A single supplier that constitutes the entire industry is an example of A) An Oligopoly. B) A Competitive Market. C) A Monopoly. D) None of above. Show Answer Correct Answer: C) A Monopoly. 7. What is an example of an oligopoly market? A) Smartphone industry. B) Fast food industry. C) Clothing industry. D) Automobile industry. Show Answer Correct Answer: A) Smartphone industry. 8. The exclusive right to do business in a certain area without competition A) Franchise. B) Turf. C) Regional choice. D) STARBUCKS EVERYWHERE!!!. Show Answer Correct Answer: A) Franchise. 9. Monopolistic competition is separated from pure competition by A) Profit maximization. B) Collusion. C) Product differentiation. D) Imperfect competition. Show Answer Correct Answer: C) Product differentiation. 10. Sellers are price takers in a perfectly competitive market. A) True. B) False. Show Answer Correct Answer: A) True. 11. Nike, Google and Apple are examples of ..... A) Corporations. B) Partnerships. C) Franchises. D) Sole Proprietorships. Show Answer Correct Answer: A) Corporations. 12. Which of the following is one of the disadvantages of corporations? A) Unlimited liability of owners. B) Limited life of the organization. C) Limited funds for the company's growth. D) Stricter government regulations. Show Answer Correct Answer: D) Stricter government regulations. 13. A 5% rise the price of beef decreased quantity of beef demanded by 10% and increase the quantity demanded of chicken by 15%(i) Calculate the cross elasticity of demand between beef and chicken A) 2. B) 3. C) 1/3. D) 1/2. Show Answer Correct Answer: B) 3. 14. Which of these is the best example of an externality? A) Your shoe store stops selling your favorite style. B) You decide to stop snacking between meals. C) Your new bicycle goes faster than expected. D) You enjoy looking at your neighbor's garden. Show Answer Correct Answer: D) You enjoy looking at your neighbor's garden. 15. The MOST LIKELY reason for an entrepreneur to start a new business is A) To discover a new product. B) To create a new social benefit. C) To make a profit. D) To risk financial failure. Show Answer Correct Answer: C) To make a profit. 16. The most important decisions in a corporation are made by A) The founders of the company. B) The investors. C) The stockholders. D) The board of directors. Show Answer Correct Answer: D) The board of directors. 17. Restaurants in Tucson are part of which market structure? A) Monopolistic Competition. B) Monopoly. C) Perfect Competition. D) Oligopoly. Show Answer Correct Answer: A) Monopolistic Competition. 18. Lots of barriers to entry A) Oligopoly. B) Monopoly. C) Perfect Competition. D) None of above. Show Answer Correct Answer: A) Oligopoly. 19. Market has many sellers and fair prices A) Oligopoly. B) Monopoly. C) Perfect Competition. D) None of above. Show Answer Correct Answer: C) Perfect Competition. 20. Aria, Michael, and Benjamin are running separate lemonade stands in a perfectly competitive market. What is each of their goals? A) To maximize their stand's influence in the market. B) To collude with other lemonade stands. C) To minimize the cost of lemons and sugar. D) To earn as much profit as possible from their lemonade sales. Show Answer Correct Answer: D) To earn as much profit as possible from their lemonade sales. 21. Which of the following is a result from having a multi-national company? A) Introduce new technology. B) Generate jobs. C) Produce tax revenue for host countires. D) All of the above. Show Answer Correct Answer: D) All of the above. 22. Price movements at Disequilibrium when there is a surplus ..... ? A) Contraction along Demand & Supply. B) Expansion along Demand, Contraction along Supply. C) Contraction along Demand, Expansion along Supply. D) Expansion along Demand & Supply. Show Answer Correct Answer: B) Expansion along Demand, Contraction along Supply. 23. Which of the following is a government allowed monopoly? A) Airline industry. B) Oil production. C) Wheat production. D) Utility industry. Show Answer Correct Answer: D) Utility industry. 24. Walt Disney Company owns other companies; such as magazines, radios, and resorts. What sort of company is this? A) Sole proprietor. B) Non-profit. C) Partnership. D) Conglomerate. Show Answer Correct Answer: D) Conglomerate. 25. A utility (ex. a power company) which controls all services in a designated area is called? A) Devised oligopoly. B) Trust. C) Cartel. D) Natural monopoly. Show Answer Correct Answer: D) Natural monopoly. 26. All are ways to raise money to start a business except A) Issue Stocks. B) Borrow. C) Win the Lotto. D) Savings. Show Answer Correct Answer: A) Issue Stocks. 27. Market structure having all conditions of pure competition except for identical products A) Oligopoly. B) Purely Competitive. C) Monopoly. D) Monopolistic competition. Show Answer Correct Answer: D) Monopolistic competition. 28. Reagan buys stock in Nick's company. Which is true? A) They are both owners. B) Neither of them have to pay taxes on dividends. C) Reagan has unlimited liability; Nick has limited liability. D) If Nick dies, the company has to close. Show Answer Correct Answer: A) They are both owners. 29. Economists define market structure according to four main characteristics:number of producers, similarity of products, ease of entry, and A) Brand loyalty. B) Control over prices. C) Monopolistic competition. D) Perfect competition. Show Answer Correct Answer: B) Control over prices. 30. What are the characteristics of monopolistic competition? A) Monopolistic competition is a market structure in which there are many firms selling differentiated products. B) Monopolistic competition is a market structure in which there are few firms selling identical products. C) Monopolistic competition is a market structure in which there is only one firm selling a product. D) Monopolistic competition is a market structure in which there are many firms selling identical products. Show Answer Correct Answer: A) Monopolistic competition is a market structure in which there are many firms selling differentiated 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