Economics Practice - Market Structures

Which of the following is NOT a market structure?

• Perfect Competition

• Oligopoly

• Monopoly

• Corporation

Which market structure involves selling identical products?

• Perfect Competition
• Monopolistic Competition
• Oligopoly
• Monopoly

Which market structure did John D. Rockefeller's Oil industry fall under?

• Monopoly

• Oligopoly

• Perfect Competition

• Monopolistic Competition

Which law bans monopolies?

• Tea Act
• Anti-Trust Act
• Townsend Act
• Monopoly Act

Google controls 67% of the web search market. The company has grown and branched off into email, online maps, GPS tracking systems, online data storage and mobile phones. There are competitors like Microsoft and Yahoo, but they own just 18% and 11% of the market, respectively. Which market structure(s) best fit Google? (There are two possible answers, pick both)

• Perfect competition

• Monopolistic competition

• Oligopoly

• Monopoly

Using the pizza store graphic, what market structure best fits the pizza industry?

• Monopoly

• Oligopoly

• Perfect competition

• Monopolistic competition

Markets like automobiles, cell phones, cable TV, and internet providers are examples of which market structure?

• Monopoly

• Oligopoly

• Perfect competition

• Monopolistic competition

When you reach around the age of 62, you are now eligible for this monthly payment. People who disabled or cannot work are also eligible for this one.

• Social Security

• Property tax

• Estate tax

• Social Media

This tax is put on goods imported to the U.S. from other countries

• Income tax

• Medicare

• Tariff

• Import Exercise Tax

I finally have the $159.99 to buy new Airpods to fit in with my friends. Although, when I go to checkout, it's $171!? Why is that?

• Sales tax

• Income tax

• Social security

• Tariffs