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Market Structures Quiz 63 (25 MCQs)

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1. What is the unethical and dangerous behavior that cartels engage in?
2. Anika, Sophia, and Aria are playing a game of 'Market Masters'. They are discussing different market structures. Anika asks, 'What is perfect competition?' Can you help them answer?
3. Markets where many businesses sell products that are similar, but not identical
4. If Annie & Skye need to raise a lot of capital, which type of organization might they choose & what tradeoff might they make?
5. Which of the following is NOT a form of non-price competition?
6. Redcues extreme ups and downs in our economy and helps to keep prices from changing too quickly
7. Which industry best exemplifies an oligopoly?
8. Businesses that have no control over price
9. What is the purpose of the Consumer Financial Protection Bureau?
10. When the government creates a law used to protect individuals this is know as:
11. In monopolistic competition, how do consumers differentiate between the goods produced by different firms?
12. Which market structure has a single seller with no close substitutes?
13. Which type of monopoly is allowed to exist because there is only one company legally allowed to provide this service?
14. Lowest barriers to entry
15. The right to sell a good or service within an exclusive market
16. In a market with perfect competition, how are prices determined?
17. The division of consumers into groups based on how much they will pay for a good
18. How can oligopolies legally control prices?
19. The European Union fined Google for being a monopoly
20. A single supplier that constitutes the entire industry is an example of
21. What is an example of an oligopoly market?
22. The exclusive right to do business in a certain area without competition
23. Monopolistic competition is separated from pure competition by
24. Sellers are price takers in a perfectly competitive market.
25. Nike, Google and Apple are examples of _____
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