WorksheetsIB Economics: Market structure
Total questions: 19
Worksheet time: 10mins
Name
Class
Date
1.
Which of the following is NOT a Market Structure?
a)
Perfect Competition
b)
Oligopoly
c)
Monopoly
d)
Corporation
2.
Which market structure involves selling identical products?
a)
Perfect Competition
b)
Monopolistic Competition
c)
Oligopoly
d)
Monopoly
3.
How many firms are there in a perfect competition?
a)
1
b)
2-5
c)
Many
4.
Why does no one firm dominate in a perfect competition?
a)
No firm wants to
b)
Each firm sells to different people
c)
Each firm produces so little of the total supply that they cannot influence prices
d)
One firm will eventually dominate and make it a monopoly
5.
A market structure characterized by firms producing similar product with easy entry into the market
a)
Perfect Competition
b)
Monopolistic Competition
c)
Monopoly
6.
Using the pizza store graphic, what market structure best fits the pizza industry?
a)
Monopoly
b)
Oligopoly
c)
Perfect competition
d)
Monopolistic competition
7.
An industry that is dominated by a few large firms is
a)
monopolistic competition.
b)
a monopoly.
c)
perfect competition.
d)
an oligopoly.
8.
Markets like automobiles, cell phones, cable TV, and internet providers are examples of which market structure?
a)
Monopoly
b)
Oligopoly
c)
Perfect competition
d)
Monopolistic competition
9.
Choose the example that goes best with an oligopoly.
a)
apples
b)
cell phone providers
c)
utilities
d)
clothing
10.
Cartels are illegal in the United States.
a)
True
b)
False
11.
The jeans industry would fall into what type of market structure? ( jeans are similar but there are some differences in the product)
a)
monopoly
b)
oligopoly
c)
perfect competition
d)
monopolistic competition
12.
Which is NOT a characteristic of perfect competition?
a)
difficult entry into the market
b)
many sellers
c)
identical product
d)
no control over price
13.
Which law bans monopolies?
a)
Tea Act
b)
Anti-Trust Act
c)
Townsend Act
d)
Monopoly Act
14.
Businesses can "Collude" or work together to set prices
a)
Oligopoly
b)
Monopoly
c)
Perfect Competition
15.
Factors that make it difficult for new firms to enter a market are called
a)
Barriers to entry
b)
Factors of production
c)
Limited supply
d)
Monopolistic Outlook
16.
How many firms are there in a monopoly?
a)
1
b)
2-5
c)
Many
17.
What prevents firms from entering a monopoly?
a)
Barriers to Entry
b)
Technology
c)
Price
d)
Barriers to Travel
18.
Which of the following industries is an example of a monopoly?
a)
utilities/water
b)
department stores
c)
auto industry
d)
commercial airlines
19.
Public utilities are an example.
a)
Perfect Competition
b)
Natural Monopoly
c)
Monopolistic Competition
d)
Oligopoly
100 %
