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Forms of Business/ Market Structures Test

Authored by Alan Green

Other

12th Grade - University

Used 9+ times

Forms of Business/ Market Structures Test
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22 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Oligopoly is a market structure with one very large firm

True
False

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In perfect competition, the product is differentiated

True
False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If Nike and Adidas merge, it would be a _____________ merger

horizontal
vertical
insane
ladder

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Public utilities are an example of a _______________ monopoly.

technological
natural
government
geographic

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

In which market structure is there the LEAST competition?

Monopoly
Oligopoly
Monopolistic Competition
Perfect Competition

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Susan, Phil, Robert, and Martina are all lawyers. After several years of working for big firms, they decide to pool their resources and start their own law practice together. The four of them will make all their business decisions together and will share all of the profits and financial risk. Their new law firm is a 

partnership
corporation
sole proprietorship
monopoly

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which type of business organization has the advantage of limited liability but the disadvantage of less control over business decisions?

perfect competition
partnership
sole proprietorship
corporation

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