Market Structures Quiz 70 (25 MCQs)

Quiz Instructions:

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1. The cross elasticity of demand is the percentage change in demand for one good generated by a percentage change in price for another good

2. High barriers to entry and the lack of competition lead to governments usually regulating prices.

3. If the price of a firms variable input increases, which of the following will occur?

4. Which assumption states that firms in a perfectly competitive market are price takers?

5. Market structure in which only a few large sellers dominate and have ability to affect prices in an industry

6. The monopolist's demand curve is _____ whereas the perfectly competitive firm's demand curve is _____

7. In natural monopolies, the price they can charge is

8. Which market structure is characterized by a few major companies dominating the global market?

9. Which resource is missing from the 4 resources? Material, Human, Information and _____

10. Which of the following is a disadvantage of a corporation?

11. These costs are calculate by diving the cost by the output

12. Elasticity of demand is greater in the short-run

13. _____ are money and other valuables belonging to an individual or business.

14. If Facebook and Twitter were to merge into one, what type of merger would this be?

15. What market structure does Americans hate and tried to outlaw them?

16. Which of the following is NOT one of the three questions of economics?

17. The government's role in encouraging competition in the Free Enterprise system includes all of the following EXCEPT:

18. Gross Domestic Product

19. Which market structure is most likely to have high barriers to entry a small group controlling most of the market, and firms are Price Searchers?

20. A tangible good that can be bought and sold or exchanged for products of similar value

21. How many minutes are there in a day?

22. Pure competition and monopoly _____

23. As the number of sellers in an oligopoly grows larger, an oligopolistic market looks more like

24. A product that is considered the same regardless of who makes it, is considered a "good" .

25. In perfect competition markets, products are perfectly substitutable for each other.