Chapter 7 Test, Form A: Market Structures

Match each item with its description: classification according to number and size of firm, type of product, and type of competition

• economies of scale
• market failure
• market structure
• monopoly
• oligopoly

Match each item with its description: market structure in which only a few large sellers dominate and have the ability to affect prices in an industry

• externalities
• market structure
• monopoly
• oligopoly
• trust

Match each item with its description: market structure characterized by a single producer in a market

• laissez-faire
• market structure
• monopoly
• oligopoly
• public good

Match each item with its description: philosophy that government should not interfere with business activity

• foreclosure
• laissez-faire
• market failure
• monopoly
• trust

Match each item with its description: condition that lacks any of the requirements for a competitive market—adequate competition, knowledge of prices and opportunities, mobility of resources, and competitive profits

• economies of scale
• externalities
• foreclosure
• market failure
• public good

Match each item with its description: economic products that are paid for and consumed collectively, such as highways, national defense, police and fire protection

• economies of scale
• externalities
• market failure
• public good
• trust

Match each item with its description: economic side effects that affect an uninvolved third party

• economies of scale
• externalities
• foreclosure
• market failure
• public good

Match each item with its description: illegal combinations of corporations or companies organized to suppress competition

• foreclosure
• laissez-faire
• market structure
• monopoly
• trust

Match each item with its description: increasingly efficient use of personnel, plant, and equipment as a firm becomes larger

• economies of scale
• externalities
• foreclosure
• laissez-faire
• market failure

Match each item with its description: process in which a lender reclaims the property due to a lack of payment by the borrower

• economies of scale
• foreclosure
• laissez-faire
• market failure
• public good