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Unit 3A Market Structures and Business Organizations

Quiz by JED Aldridge

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45 questions
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  • Q1
    A market where every firm produces the same product for about the same price.
    Perfect Competition
    30s
  • Q2
    Factors that make it difficult for new firms to enter a market
    Barriers to Entry
    30s
  • Q3
    Expenses an owner has to pay before opening a new business (machines, permits, patents, fees).
    Start-up costs
    30s
  • Q4
    A market dominated by a single seller and has any number of buyers. Complete barriers to entry.
    Monopoly
    30s
  • Q5
    A market that runs most efficiently when one large firm provides all the the output (utility companies)
    Natural Monopoly
    30s
  • Q6
    an exclusive right to sell a new good or service for a specific time period. A way to create technological monopolies.
    Patent
    30s
  • Q7
    A market in which many companies sell products that are similar but not identical. This market contains Low barriers to entry and little control of prices.
    Monopolistic Competition
    30s
  • Q8
    a market dominated by a few large firms. The market contains high barriers to entry and firms have some control over pricing.
    Oligopoly
    30s
  • Q9
    an agreement among firms to divide the market, set prices, or limit production.
    Collusion
    30s
  • Q10
    In a perfect competitive market there are no difference between products sold by different suppliers.
    Identical Products
    30s
  • Q11
    Joining or leaving a Market
    Market Entry and Exit
    30s
  • Q12
    A monopoly created by the government
    Government Monopoly
    30s
  • Q13
    When a company agrees for a fee to let another person or group set up an enterprise that uses the original company's name to sell goods and services from their own location.
    Franchise
    30s
  • Q14
    Are possible when tech companies are awarded certain patents that allow them sell a new good or provide a new service for a specific time period.
    Technological Monopolies
    30s
  • Q15
    making a product different from similar products
    Product Differentiation
    30s

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