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Market Structures Quiz 6 (25 MCQs)

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1. The monopoly firm exists because of _____
2. Which market structure involves on ONE firm and has VERY HIGH barriers to entry?
3. Which of the following products are usually found in imperfect competition?
4. Which market structure best describes a market with homogeneous products and many sellers?
5. A government license that gives the inventor of a new product the exclusive right to produce and sell it
6. True or False:The United States government encourages more monopolies.
7. A way to attract customers without lowering prices is
8. What is the condition for allocative efficiency?
9. Which type of business model includes buying large bulk items for their members?
10. In a perfectly competitive market, how many producers are there?
11. An oligopoly has_____
12. Bernice owns her own local gift shop. She acquired the necessary loans to open it, assumes all the financial risk herself, and makes all the decisions. It sounds like Bernice's business is a/an
13. What is an example of an oligopoly?
14. A market structure in which a few large firms dominate a market.
15. Products that only differ slightly from their competition and sell at different prices in different markets
16. When the government sets a price floor on earned income, it is called which of the following?
17. Which company is an example of a monopoly?
18. Which of the following market types has all firms selling products so identical that buyers do not care from which frim they buy?
19. Which of the following is NOT a merit good?
20. _____ is a market structure characterized by a very large number of buyers and sellers of an identical product.
21. What type of liability do sole proprietorships have?
22. According to the principle of laissez-faire,
23. When the few large sellers come together and fix prices
24. The organization of a market, based mainly on the degree of competition.
25. Which is an example of a seller in a monopoly
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