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Market Structures Quiz 62 (25 MCQs)

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1. Which of the following best describes the U.S. Postal Service?
2. Mr. Simpson is liable for all the debts of his company. What type of business organization is this?
3. If Mark expresses a desire to sell his corn at a local farmer's market, he must be aware that the product is standardized and identical to others and that he will have no control over the price. The market structure he is MOST likely participating in is
4. U.S. agriculture is most closely associated with which of the following markets?
5. A producer's demand for labor is called _____
6. Product Differentiation
7. Which type of economy did Adam Smith promote?
8. AN AGREEMENT AMONG MEMBERS OF AN OLIGOPOLY TO SET PRICES AND PRODUCTION LEVELS.
9. Allocative efficiency occurs where
10. A market that runs most efficiently when one large firm provides all of the output. It's inconvenient or impractical to have several competing firms. Example:Electric company for DR
11. A firm in perfect competition faces a horizontal demand curve for all of the following reasons except that
12. Local stores sell a particular pair of sneakers for $ 80. A picture of a basketball star Lebron James wearing these sneakers appears in all the local Ohio newspapers. The next day, sales for sneakers start to rise. What is likely to happen to the price of the sneakers over the next several weeks?
13. Cars, movie studios, cell phone service, airlines are examples
14. It is usually very difficult to enter a market that is a monopoly.
15. The ability of a company to change prices and output like a monopolist
16. Which of the following is a NEGATIVE externality?
17. When competing businesses work together and agree to set prices for their competing products
18. A monopoly is characterized by having no substitutable goods.
19. An oligopoly is a market or an industry
20. The defining characteristic of a natural monopoly is _____
21. Why does the government regulate natural monopolies?
22. Cartels are illegal in the United States.
23. If a firm must lower its price to sell more of a good, which of the following must also be true?
24. True or False:Firms An oligopoly is a market dominated by just a few firms who have no control over the price of their products
25. Coke and Pepsi are examples of this type of market:
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