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Market Structures Quiz 59 (30 MCQs)

Quiz Instructions

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1. A tangible good that can be bought and sold or exchanged for products of similar value
2. How many minutes are there in a day?
3. Pure competition and monopoly .....
4. As the number of sellers in an oligopoly grows larger, an oligopolistic market looks more like
5. A product that is considered the same regardless of who makes it, is considered a "good" .
6. In perfect competition markets, products are perfectly substitutable for each other.
7. Which of the following businesses most resembles a perfect competition market structure?
8. Profit maximization is
9. The economic value of a worker's experience and skills
10. These are the goods that a firm has on hand.
11. Secret agreement or cooperation
12. Fill in the blank. Cross Elasticity of Demand is the responsiveness of quantity ..... of one good to a change in the price of another.
13. What is the ideal market structure?
14. The sum of the market share of the four largest firms in an industry where a ratio above 40% is good indicator of oligopoly is called
15. Which of the following is NOT considered a barrier to entry?
16. The only gas station within a radius of 200 miles has a
17. Rashaun and Blaine are discussing the characteristics of a corporation. What might you hear them say?
18. True or false:The danger of horizontal mergers is it could lead to a monopoly
19. The U.S. is mostly a
20. The degree to which individuals change their demand/amount supplied in response to price or income changes.
21. A life insurance company merges with a major telecommunications company.
22. A market structure characterized by firms producing similar but not identical products. (Jeans, Shoes)
23. Market structure is the framework within which a firm sells its .....
24. What item being sold is an example of an oligopoly
25. Economists usually call an industry an oligopoly if
26. An example of a natural monopoly is
27. Most businesses are producing at or near capacity; the unemployment rate is very low; and consumer spending is brisk. Which part of the business cycle best describes these events?
28. You have a taco truck to make extra money on the weekends. Your business license cost $ 200, you purchased the truck for $ 6000, you spent $ 300 for advertising, the taco ingredients cost $ 2 per taco, and you sell your tacos for $ 5 each. How many tacos do you need to sell to start making a profit?
29. A company bought out every step of the production process from beginning to end. They own the production, the transportation of the product, and the stores where it's sold. What is this describing?
30. Very Competitive Low Prices
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