Test #4 "Four Market Structures & Labor"

Which of the following is a characteristic of a Monopoly?

• Many sellers

• Free entry and exit

• Single seller

• Perfect information

Which of the following best describes Economies of Scale in a Monopoly?

• A situation where the average cost of production decreases as the quantity of output increases.

• A situation where the average cost of production increases as the quantity of output increases.

• A situation where the average cost of production remains constant regardless of the quantity of output.

• A situation where the monopoly faces increasing competition over time.

Which of the following is a characteristic of a Perfectly Competitive Firm?

• Price Maker

• High Barriers to Entry

• Identical Products

• Limited Number of Buyers

Which of the following is a characteristic of an Oligopolist Firm?

• Many small firms

• Homogeneous products

• Interdependence among firms

• No barriers to entry

Which of the following is an example of an oligopolist firm?

• Google

• Coca-Cola

• Ford

• Apple

Which of the following is a reason why a job might be high paying?

• High demand for specialized skills

• Low level of responsibility

• Abundance of available workers

• Minimal educational requirements

What is the definition of a Franchise?

• A business model where a company allows individuals to operate using its brand and system.

• A type of investment in stocks and bonds.

• A government-issued permit to operate a business.

• A legal agreement to merge two companies.

If you were going to start a business, what type of business would you start?

• Technology startup

• Restaurant

• Retail store

• Consulting firm

Define the term: Limited Liability -

• Limited Liability

• Unlimited personal responsibility for company debts

• A type of insurance coverage

• A financial term for profit sharing

Define the term: AFL-CIO -

• AFL-CIO

• American Federation of Labor and Congress of Industrial Organizations

• Association of Federal Labor and Corporate Industrial Organizations

• Alliance of Free Labor and Corporate Industrial Operations