WorksheetsUnit 4 Test (Monopolies/Oligopolies)
Total questions: 11
Worksheet time: 6mins
Name
Class
Date
1.
forms when barriers prevent firms from entering a market that has a single supplier
a)
Monopoly
b)
Government Monopoly
c)
Natural Monopoly
d)
Oligopoly
2.
A market that runs most efficiently when one large firm provides all of the output
a)
Natural Monopoly
b)
Monopoly
c)
Government Monopoly
d)
Oligopoly
3.
the division of consumers into groups based on how much they will pay for a good
a)
Cartel
b)
Price Discrimination
c)
Collusion
d)
Price War
4.
A market dominated by a few large, profitable firms
a)
Monopoly
b)
Natural Monopoly
c)
Government Monopoly
d)
Oligopoly
5.
When competitors cut their prices really low to win business
a)
Price War
b)
Collusion
c)
Cartel
d)
Price Discrimination
6.
An agreement among members of an oligopoly to illegally set prices and production
a)
Collusion
b)
Cartel
7.
agreement by a formal organization of producers to coordinate prices and production
a)
Collusion
b)
Cartel
8.
a market structure in which a large number of firms all produce the same product and no single seller controls supply or prices
a)
Natural Monopoly
b)
Government Monopoly
c)
Oligopoly
d)
Pure Competition
9.
a product, such as petroleum or milk, that is considered the same no matter who produces or sells it
a)
Commodity
b)
Identical Assests
c)
Identical product theory
d)
Price War
10.
the expenses a new business must pay before it can begin to produce and sell goods
a)
Start-Up Costs
b)
Price War
c)
Barrier to Entry
d)
Collusion
11.
any factor that makes it difficult for a new firm to enter a market
a)
Barrier to Entry
b)
Start-Up Costs
c)
Price War
d)
Collusion
100 %
