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Market Structures Quiz 77 (25 MCQs)

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1. Which of the following are most likely toimprove a company's overall productivity?
2. In order for a business to be successful it must be _____
3. A market structure in which there are many buyers and sellers of an identical product.
4. Some markets are perfectly competitive.
5. When P=MR=AR, what market structure is this?
6. Which of the following statements about an oligopoly is false?
7. An example of Human Capital would include
8. Which of the following graphs represents a firm that is allocatively and productively efficient?
9. This market structure can act like a monopoly when the if the few firms involved all set prices the same
10. An example of this monopoly is the U.S. Postal Service
11. Apple Iphone Market(in 2006)
12. Numerous sellers offer similar but slightly different products
13. _____ is the study of decisions made by individuals and business. Examples of this area include how the price of homes in an area will impact the number of people who are willing and able to buy.
14. A price taker is a seller that has no control over the price of the product it sells.
15. For a monopolistically competitive firm, at the profit-maximizing quantity of output,
16. There is non-price competition, but businesses compete by product differentiation and advertising
17. The ability to produce a product with lower opportunity costs than another country
18. Trying to satisfy unlimited wants with limited resources defines _____ and is the fundamental problem of economics.
19. Chick Fil A claims their chicken sandwich tastes better than Popeyes' chicken sandwich. This is an example of _____
20. Monopolists are able to control prices because they have
21. James, Scarlett, and Isla are running a lemonade stand in a perfectly competitive market. In the short run, at what point will their stand be in equilibrium?
22. What is the difference between a monopoly and an oligopoly?
23. Which of the following is the best example of a natural monopoly?
24. In which market structure must sellers take whatever price the market determines?
25. What is a merger?
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