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Market Structures Review

Authored by Megan Touhey

Social Studies

12th Grade

Used 4+ times

Market Structures Review
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13 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An agreement among members of an oligopoly to set prices and production levels is called

price leadership

competition

collusion

imperfect monopoly

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An example of a natural monopoly is

company that makes pretzels

your local water company

 your barber

a Midwest farm

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An industry described as a monopolistic competition would have most likely have

similar but differentiated products

normal profits in the long run

 one firm with no close rivals

no opportunities of collusive behavior

4.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

What characteristics are true of an oligopoly (2 are correct)

few large firms

high entry and exit costs

all products are identical

no price control

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The fact that you can buy shares in AT&T and Target makes them

sole proprietorship 

a cartel

a partnership

a corporation

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Patents are a form of monopoly that society allows because they

maintain an orderly way for companies to make a lot of money.

 give companies the right to decide who will be allowed to use their products.

set up a situation in which only a few manufacturers can control an industry.

encourage firms and people to research new products that benefit society as a whole.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Your uncle owns a convenience store that has branches nationwide. His store is an example of a

business franchise

professional organization.

multinational partnership

 consumer cooperative

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