This quiz works best with JavaScript enabled. Home > Finance > Economics > Market Dynamics > Market Structures > Market Structures – Quiz 63 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Market Structures Quiz 63 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Why would a company want to merge with another? A) Grow faster. B) Change image. C) Eliminate competition. D) All of the Above. Show Answer Correct Answer: D) All of the Above. 2. Has all the same basic characteristics as a Perfect Competition, But the products are DIFFERENTIATED A) Monopoly. B) Oligopoly. C) Monopolistic Competition. D) Perfect Competition. Show Answer Correct Answer: C) Monopolistic Competition. 3. In the short-run, a firm operating in a perfectly competitive industry will produce the quantity of output where price equals marginal cost as long as the ..... A) Price is less than average total cost. B) Price is greater than average variable cost. C) Price is greater than average fixed cost but less than average variable cost. D) Marginal revenue exceeds the marginal cost. Show Answer Correct Answer: B) Price is greater than average variable cost. 4. What is an example of a natural monopoly? A) Centerpoint. B) Apple. C) Beats. D) None of above. Show Answer Correct Answer: A) Centerpoint. 5. Antitrust legislation has been passed to allow the government to A) Compete with private companies. B) Break up monopolies. C) Prevent interference with trusts. D) None of above. Show Answer Correct Answer: B) Break up monopolies. 6. Which market structure is characterized by a few large firms that dominate the market? A) Oligopoly. B) Monopoly. C) Perfect competition. D) Monopsons. Show Answer Correct Answer: A) Oligopoly. 7. In the US Economy, resources, goods/ services, and money flow among which economic actors? A) Households, Business, and the Government. B) Households/Individuals, Business, and Markets. C) Markets, Businesses. D) Household/Individuals, Businesses, and the Economy. Show Answer Correct Answer: A) Households, Business, and the Government. 8. An organization of workers that seeks to improve wages A) Nonprofit Organization. B) Labor Union. C) Public Company. D) Private Company. Show Answer Correct Answer: B) Labor Union. 9. Businesses working together to set prices of competing goods A) Oligopoly. B) Price Fixing. C) Price Takers. D) Monopoly. Show Answer Correct Answer: B) Price Fixing. 10. If a firm can change market prices by altering its output, then it A) Has market power. B) Faces a flat demand curve. C) Is a price taker. D) Engages in marginal cost pricing. Show Answer Correct Answer: A) Has market power. 11. What does sigma stand for? A) Standard. B) Supply. C) Summation. D) Score. Show Answer Correct Answer: C) Summation. 12. What makes a demand effective? A) The willingness of consumers to make purchase. B) The ability of consumers to make purchase. C) The supply of the good. D) Price of the commodity. Show Answer Correct Answer: B) The ability of consumers to make purchase. 13. Which market structure is influenced by market equilibrium. A) Oligopoly. B) Perfect competition. C) Monopoly. D) Monopolistic competition. Show Answer Correct Answer: B) Perfect competition. 14. Fast food restaurants are an example of ..... A) Nations. B) Pure / perfect competition. C) Monopolies. D) Monopolistic competition. Show Answer Correct Answer: D) Monopolistic competition. 15. Which market structure is very difficult, but NOT the most difficult to enter into? A) Oligopoly. B) Monopoly. C) Perfect Competition. D) Monopolistic Competition. Show Answer Correct Answer: A) Oligopoly. 16. Imagine a product in which customers were completely price sensitive. Where even a $ 0.01 increase would result in zero quantity demanded. How would you categorize the demand? A) Perfectly inelastic. B) Perfectly monopolistic. C) Perfectly competitive. D) Perfectly elastic. Show Answer Correct Answer: D) Perfectly elastic. 17. SSEMI3 Money payments distributing some of a corporations profit to shareholders on a quarterly basis. A) Shares. B) Profits. C) Dividends. D) Money. Show Answer Correct Answer: C) Dividends. 18. Type of monopoly is based on most efficient distribution of goods being only 1 business? A) Government. B) Natural. C) Geographic. D) Technological. Show Answer Correct Answer: B) Natural. 19. In a limited liability partnership, all partners A) Are required to be general partners. B) Are limited from personal liability incertain situations. C) Always have no liability. D) Are required to be general partners. Show Answer Correct Answer: B) Are limited from personal liability incertain situations. 20. Tara is a seller in a purely competitive market. Which characteristic of this mkt. structure is true? A) Tara has no competition. B) Tara is a sole proprietorship. C) Tara has a lot of competition. D) Tara has a lot of control. Show Answer Correct Answer: C) Tara has a lot of competition. 21. SSEMI3 Which business organization has the disadvantage of potential for conflict? A) Sole Proprietorship. B) Corporation. C) Oligopoly. D) Partnership. Show Answer Correct Answer: D) Partnership. 22. Which fiscal policy would be most likely to slow the growth of our economy? A) Increased selling of government securities by the Open Market Committee. B) Increased government spending. C) Higher taxes. D) A lower discount rate. Show Answer Correct Answer: C) Higher taxes. 23. True or False:Actions of one firm will affect other firms A) False. B) True. Show Answer Correct Answer: B) True. 24. What is the mean of 2, 5, 4, 1, and 3? A) 2. B) 5. C) 4. D) 3. Show Answer Correct Answer: D) 3. 25. One advantage of a franchise is A) The training and advertising is provided by parent company. B) Profit goes to owner. Show Answer Correct Answer: A) The training and advertising is provided by parent company. 26. Which type of market structure has many producers (companies) that sell very similar products and have almost no control over price? A) Competitive markets. B) Oligopoly. C) Monopoly. D) None of above. Show Answer Correct Answer: A) Competitive markets. 27. Why does the government regulate the market? A) To create their own monopoly. B) To discourage new businesses. C) To ensure competition. D) None of above. Show Answer Correct Answer: C) To ensure competition. 28. Which of the following is an example of a government owned monopoly? A) Post Office. B) Menards. C) McDonalds. D) Walmart. Show Answer Correct Answer: A) Post Office. 29. Which of the following is not a legal monopoly A) Natural monopoly. B) Technological monopoly. C) Industrial monopoly. D) One company buying out all competition. Show Answer Correct Answer: D) One company buying out all competition. 30. Decision making tends to be slower in this business organization than a sole proprietorship. A) Partnership. B) Corporation. C) Sole proprietorship. D) Franchise. Show Answer Correct Answer: A) Partnership. ← PreviousNext →Related QuizzesMarket Dynamics QuizzesEconomics QuizzesMarket Structures Quiz 1Market Structures Quiz 2Market Structures Quiz 3Market Structures Quiz 4Market Structures Quiz 5Market Structures Quiz 6Market Structures Quiz 7Market Structures Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books