Market Structures Test (Grades 11-12)
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Market Structures Test
1.
A farmers market is an example of .
- pure competition
- monopolistic competition
- oligopoly
- monopoly
2.
The market structure that involves the most competition is
- perfect competition
- monopoly
- monopolistic competition
- oligopoly
3.
Which of the following market structures has the largest number of firms trying to sell their products?
- perfect competition
- monopolistic competition
- oligopoly
- monopoly
4.
Each of the following is a condition necessary for the existence of perfect competition except
- the good or service must have many sellers available
- the good or service being offered by one competing firm must be identical to those offered by other firms
- there must be no control over price by any one firm
- there are barriers to entry in this type of market
5.
Firms utilize non price competition and product differentiation in the market structure of
- perfect compeition
- monopolistic competition
- oligopoly
- monopolu
6.
In a Monopolistic Competition market, firms usually sell products that are
- close substitutes
- completely different
- complementary
- identical
7.
is a market that has many sellers.
- Oligopoly
- Monopoly
- Open market
- Monopolistic competition
8.
One feature of an oligopoly is that there are few .
- buyers
- patents
- sellers
- markets
9.
When the largest 3 or 4 firms in an industry produce 70% or more of the industry's total output, the industry is classified as
- a competitive monopoly
- a pure monopoly
- monopolistic competition
- an oligopoly
10.
is an industry that is often a natural monopoly.
- electricity
- grocery stores
- steel
- pure competition
11.
What did the Sherman Antitrust Act seek to do?
12.
An industry with a single supplier is known as a -
- cartel
- conglomerate
- monopoly
- proprietorship
13.
The market structure with the most control over prices is
- perfect competition
- monopolistic competition
- oligopoly
- monopoly
14.
Which of the following is not a type of monopoly?
- natural
- geographic
- technological
- oligopolistic
15.
Why does the United States government enforce anti-trust laws?
- to limit competition
- to promote competition
- to increase taxes
- to provide additional public goods and services
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