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Market Structures

Quiz by Kelsey Halfen

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9 questions
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  • Q1
    What is a monopolistic competition?
    one company selling a product
    many companies selling similar but not identical products
    one company selling several different products under different names
    very few companies selling identical products
    30s
  • Q2
    Factors that make it difficult for new firms to enter a market are called
    perfect competition
    barriers to entry
    start-up costs
    commodities
    30s
  • Q3
    Which of the following is not a form of non-price competition
    physical characteristics
    advertising
    discounts
    location
    30s
  • Q4
    What is an oligopoly?
    formal organization to coordinate prices and production
    two firms have a price war
    single firm dominates the market
    few firms dominate the market
    30s
  • Q5
    When the government deregulates a product or service, what happens to it?
    the product or service becomes cheaper
    government control over the industry is stopped
    some government rules over the industry are eliminated
    the product or service is available to more people
    30s
  • Q6
    What kind of market runs more efficiently when one firm supplies all of the output?
    perfect competition
    imperfect competition
    natural monopoly
    network
    30s
  • Q7
    What happens to a monopolistically competitive firm that raises their price?
    the firm will go out of business
    customers substitute a rival's product
    government will regulate the price
    customers boycott the product
    30s
  • Q8
    Soft drinks are what kind of market?
    oligopoly
    monopoly
    perfect competition
    monopolistic competition
    30s
  • Q9
    Which is a legal type of monopoly?
    sports leagues
    patent holders
    all of these
    water company
    30s

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