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Market Structures Quiz 55 (25 MCQs)

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1. What kind of relationship exists between supply and price?
2. Read the following situation to answer the question:The yeast needed to to make whole wheat bread rises sharply in price. What will happen to the price of whole wheat bread?
3. An example of perfect competition is when
4. Why are there only a few firms in an Oligopoly?
5. What kind of monopoly does the granting of patents encourage?
6. When the quantity supplied is greater than the quantity demanded
7. What type of monopoly where the costs of production are minimized by having a single firm produce the product?
8. What is the main advantage of a partnership?
9. Natural monopolies are actually very good because
10. The market most rarely seen in the world:
11. 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?
12. On the Periodic Table what is the symbol for Chlorine
13. What is regarded as the ideal market structure?
14. According to Lionel Robbins, what are means?
15. Which of the following describes a horizontal merger?
16. 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?
17. No choice or competition, higher prices
18. Agreements between duopolies are usually difficult to maintain because
19. Many firms selling identical product and have no control over price.
20. An example of monopolistic competition where products are somewhat similar
21. The demand curve for the MONOPOLY market structure will be
22. Name one characteristic of monopolistic competition.
23. If a company controls a specific process for making windows, it has a
24. Competition amongst producers using price to differentiate their product is known as _____ ?
25. ABC, CBS, FOX and NBC are a great example of this market structure
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