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Market Structures Quiz 62 (30 MCQs)

Quiz Instructions

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1. Google is an example of a
2. If a company that owns gas stations merges with an oil tanker trucking company and a refinery it is most likely a ..... merger
3. A merger that joins companies that are at different steps of producing the same product is called a .....
4. Which of the following goods is the best example of a natural monopoly?
5. Which of the following is a condition of perfect competition?
6. Which part of the economy includes all of the transactions between individuals, households, firms, or businesses?
7. An example of a horizontal merger might be if a:
8. SSEMI3 b In which market structure would a single firm have the most control over price? (pick 1)
9. When a monopoly has copyrights or patents on their products and no one else can create their goods. This is an example of:
10. In which market structure do producers have the most market power?
11. Most mergers take place to improve a company's performance in the eyes of
12. The ideal model of a market economy is known as .....
13. Market structure where many firms compete for a share of the market through product differentiation
14. Impact on the customer:have many seller options and provides the lowest price to consumers
15. What type of monopoly has no other businesses or companies around. An example could be a gas station in the middle of the desert.
16. How many weeks in 3 years?
17. Fred gets laid off from his job at the quarry. Due to his decreased income, he is no longer able spend money going bowling with Barney every week, but now he has extra time to mow the lawn and help Wilma with the housework. Is this macroeconomic or microeconomic?
18. Who controls the prices in perfect competition?
19. What is the market structure where the number of firms is large, there is free entry and exit of firms, but the goods produced by them are not homogeneous?
20. This type of monopoly provides public goods.
21. Non Price Factor (NPF)-Increase in personal tax rates. What curve is impacted in the TV market and how?
22. What is 100% illegal to do in the USA?
23. In which market is entry the easiest?
24. In order for something to be considered a public good, two things must be true:the good must be non-rivalry and what?
25. What is the main advantage of perfect competition for consumers?
26. Which market structure has a unique product with no substitutes?
27. In which market structure does a single firm have complete control over the market and its products have no close substitutes?
28. When marginal revenue equals marginal cost, a perfectly competitive firm is
29. In an oligopoly market, the company's choice of strategy by considering its opponents' strategies is called
30. NPF-The Aust Gov't reintroduces the Baby Bonus. What curve is impacted in the pram market and how?
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