Economics Quiz

When only a few producers and their products dominate an industry, the market structure is called a/an:

• monopoly
• perfect competition
• monopsony
• oligopoly

In a perfectly competitive market, products must be:

• expensive or luxurious
• different or unique
• identical or homogeneous
• similar or alike

In _________________ competition, firms spend considerable amounts of money on advertising, differentiating their product and packaging.

• perfect competition

• monopoly

• oligopoly

• monopolistic

When it comes to determining price, sellers in a _______________ market have no control

• False

• Perfect

• Imperfect

• Secure

Restaurants, pharmacies and movie theaters are all industries that practice price:

• standardization
• discrimination
• subsidization
• inflation

In 1890 Congress passed an act that reduced the ability of companies to restrain trade by merging and forming a trust. The act is called the:

• Sherman Antitrust Act

• Monopoly Act
• Trust Act
• Merging Act

When a single producer or firm has complete control over one kind of good or service, the market structure is called a/an:

• Monopoly
• Perfect competition
• Monopsony
• Oligopoly

Maximizing ____________ is the goal of all market structures and businesses

• Market share
• Cost
• Profit
• Expenses

A major difference between perfectly competitive markets and monopolistic competitive markets is that with monopolistic competition products are ________________ not identical

• cheap

• broken

• differnent

• identical

Sellers are __________________ in a perfectly competitive market structure

• price makers
• monopolists
• oligopolists
• price takers