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Market structure

Total questions: 46

Worksheet time: 2hrs 39mins

Name
Class
Date
1.
In perfect competition, the product is differentiated
a)
True
b)
False
2.
In monopolistic competition there are many buyers and sellers
a)
True
b)
False
3.
Non-price competition is the use of ads, giveaways, or promotions to win customers
a)
True
b)
False
4.
In which market structure is there the LEAST competition?
a)
Monopoly
b)
Oligopoly
c)
Monopolistic Competition
d)
Perfect Competition
5.
In which market structure is there the MOST competition?
a)
Monopoly
b)
Oligopoly
c)
Monopolistic Competition
d)
Perfect Competition
6.
Which type of market structures has many many producers(companies) that sell identical products and has no control over price?
a)
perfect competition
b)
monopolistic competition
c)
oligopoly
d)
monopoly
7.
Which type of market structures has very few producers(companies) that control the majority of the market?
Hint: think of the soda market
a)
perfect competition
b)
monopolistic competition
c)
oligopoly
d)
monopoly
8.
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
9.
Which scenario is an example of a monopoly? 
a)
A local water company is the sole provider of water for a small town.
b)
A dry cleaner specializes in environmentally friendly cleaning methods.  
c)
A farmer produces green beans for sale at a farmer's market.
d)
A small number of cereal companies produce most of the cereal on the market.
10.
In the 1990s, AT&T controlled 80% of the phone industry and was the ONLY provider of long distance phone service. This is an example of
a)
A monopoly
b)
Monopolistic Competition
c)
Perfect Competition
d)
Oligopoly
11.
This market structure has 3-4 firms who dominate 70-80% of the industry. 
a)
Monopoly
b)
Monopolistic Competitio
c)
Perfect Competitio
d)
Oligopoly 
12.
List the four market structures in order from least competitive to most competitive.
a)
Oligopoly, Monopoly, Perfect Competition, Monopolistic Competition
b)
Perfect Competition, Oligopoly, Monopoly, Monopolistic Competition
c)
Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition
d)
Monopoly, Monopolistic Competition, Perfect Competition, Oligopoly
13.
What is not part of perfect competition?
a)
buyer/ seller are well informed
b)
sellers cannot enter/ exit market easily
c)
low prices
d)
few barriers of entry
14.
When a major car company lowers its prices, other car makers will probably 
a)
maintain existing prices.
b)
raise their prices.
c)
go out of business.
d)
lower their prices.
15.
Perfect competition is characterized by
a)
a large number of sellers and buyers.
b)
diverse products.
c)
sellers acting together to set prices.
d)
uninformed buyers and sellers.
16.
The effort by sellers to secretly set production levels or prices is called
a)
collusion
b)
price leadership
c)
compliance
d)
nonprice competition
17.
ABC, CBS, FOX and NBC are a great example of this market structure
a)
Perfect Competition
b)
Imperfect Competition
c)
Oligopoly
d)
Monopoly
18.
ABC, CBS, FOX and NBC are a great example of this market structure
a)
Perfect Competition
b)
Imperfect Competition
c)
Oligopoly
d)
Monopoly
19.
Which is NOT a characteristic of a monopoly?
a)
Seller sets the market price
b)
Entry into the market is easy
c)
Firm sells a unique product
d)
One seller
20.
What were the three types of economies of scale mentioned in the YouTube video on economies of scale?
a)
Oligopoly, Monopoly, & Perfect Competition
b)
Land, Labor, & Capital
c)
Purchasing, Specialization, & Technical
d)
Specialization, Barriers to Entry, & Technical
21.
The market for milk is an example of perfect competition. Why?
a)
Sellers offer a nearly identical product
b)
Anyone can start a dairy farm or leave the dairy business at any time
c)
Many people buy and sell milk
d)
All of the above
22.

The town has three gas stations. The owners of these gas stations make decisions together about when to raise and lower gas prices. It would be difficult for another gas station to enter this market. Which market structure best describes the market for gas in Utopia?

a)

Perfect competition

b)

Monopolistic competition

c)

Oligopoly

d)

Monopoly

23.

A new firm recently arrived in Bhubaneswar offering much higher internet speeds than existing providers. The other providers have gone out of business because so many Utopian residents have switched to the new provider. What will most likely happen to the price of internet service in Utopia?

a)

The price will decrease because the new provider wants to keep its customers happy.

b)

The price will increase because there is only one internet provider in Utopia.

c)

The price will decrease because there is only internet provider in Utopia.

d)

There will be no change in price.

24.
If a major car company such as Ford lowers their prices, what are other car companies likely to do?
a)
Raise their prices
b)
Go out of business
c)
Maintain their current prices
d)
Lower their prices
25.
Which of the following statements is true?
a)
Monopolistic competitors have an incentive to differentiate their products so customers have choices, but monopolies do not have this incentive.
b)
Monopolistic competitors & monopolies have the same amount of influence over the price of their products.
c)
Both oligopolies & industries with monopolistic competition involve a large number of sellers.
d)
All industries fit neatly into one type of market structure.
26.
Why does the government regulate natural monopolies?
a)
To increase competition in the market
b)
To prevent the monopoly from charging excessively high prices
c)
To ensure the monopoly provides an adequate, high-quality amount of the product
d)
All of the above are possible reasons for regulation
27.
What are the advantages of economies of scale?
a)
Costs less per unit to produce an item
b)
Reduces barriers to entry in the market and increases competition
c)
Better quality products are produced
28.
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
29.
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
30.
An industry that is dominated by a few large firms is 
a)
monopolistic competition.
b)
a monopoly.
c)
perfect competition.
d)
an oligopoly.
31.
Businesses can "Collude" or work together to set prices
a)
Oligopoly
b)
Monopoly
c)
Perfect Competition
32.
A market structure characterized by firms producing similar product with easy entry into the market
a)
Perfect Competition
b)
Monopolistic Competition
c)
Monopoly
33.

Which of the following industries is an example of a monopoly?

a)

utilities/water

b)

department stores

c)

auto industry

d)

commercial airlines

34.
Cartels are illegal in the United States.
a)
True
b)
False
35.
Why do cartels NOT last?
a)
illegal
b)
members have to keep agreement
c)
they lose money
d)
products are competitive
36.

A market that has a few sellers of basically the same goods.

a)

Perfect Competition

b)

Pure Monopoly

c)

Monopolistic Competition

d)

Oligopoly

37.

Firms in this kind of market produce goods that are very close substitutes.

a)

Perfect Competition

b)

Pure Monopoly

c)

Monopolistic Competition

d)

Oligopoly

38.

Public utilities are an example.

a)

Perfect Competition

b)

Natural Monopoly

c)

Monopolistic Competition

d)

Oligopoly

39.
If Nike and Adidas merge, it would be a _____________ merger
a)
horizontal
b)
vertical
c)
insane
d)
ladder
40.

Which Market type is a profit maximizer ?

a)

Monopoly

b)

oligopoly

c)

monopolistic competition

d)

pure competition

41.

Google controls 67% of the web search market. The company has grown and branched off into email, online maps, GPS tracking systems, online data storage and mobile phones. There are competitors like Microsoft and Yahoo, but they own just 18% and 11% of the market, respectively. Which market structure(s) best fit Google? (There are two possible answers, pick both)

a)

Perfect competition

b)

Monopolistic competition

c)

Oligopoly

d)

Monopoly

42.

Using the pizza store graphic, what market structure best fits the pizza industry?

a)

Monopoly

b)

Oligopoly

c)

Perfect competition

d)

Monopolistic competition

43.

Markets like automobiles, cable TV, and internet providers are examples of which market structure?

a)

Monopoly

b)

Oligopoly

c)

Perfect competition

d)

Monopolistic competition

44.

What is correct for firms in perfect competition?

a)

They achieve economies of scale.

b)

They are price takers.

c)

They make use of non-price competition.

d)

They produce differentiated products.

45.

Which international market is closest to the model of perfect competition?

a)

diamonds

b)

foreign currency

c)

petrol (fuel)

d)

washing machines

46.

A major computer company announced that its profits had fallen below the level predicted.


What might have caused this?

a)

increased advertising costs that greatly improved sales

b)

low prices that made the company’s product competitive

c)

new technology that reduced costs

d)

reduced sales and low prices

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