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Market Structures Test (Grades 11-12)

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Market Structures Test

1. 
A farmers market is an example of                         .
  1. pure competition
  2. monopolistic competition
  3. oligopoly
  4. monopoly
2. 
The market structure that involves the most competition is
  1. perfect competition
  2. monopoly
  3. monopolistic competition
  4. oligopoly
3. 
Which of the following market structures has the largest number of firms trying to sell their products?
  1. perfect competition
  2. monopolistic competition
  3. oligopoly
  4. monopoly
4. 
Each of the following is a condition necessary for the existence of perfect competition except
  1. the good or service must have many sellers available
  2. the good or service being offered by one competing firm must be identical to those offered by other firms
  3. there must be no control over price by any one firm
  4. there are barriers to entry in this type of market
5. 
Firms utilize non price competition and product differentiation in the market structure of
  1. perfect compeition
  2. monopolistic competition
  3. oligopoly
  4. monopolu
6. 
In a Monopolistic Competition market, firms usually sell products that are
  1. close substitutes
  2. completely different
  3. complementary
  4. identical
7. 
                         is a market that has many sellers.
  1. Oligopoly
  2. Monopoly
  3. Open market
  4. Monopolistic competition
8. 
One feature of an oligopoly is that there are few                .
  1. buyers
  2. patents
  3. sellers
  4. 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
  1. a competitive monopoly
  2. a pure monopoly
  3. monopolistic competition
  4. an oligopoly
10. 
                 is an industry that is often a natural monopoly.
  1. electricity
  2. grocery stores
  3. steel
  4. pure competition
11. 
What did the Sherman Antitrust Act seek to do?



12. 
An industry with a single supplier is known as a -
  1. cartel
  2. conglomerate
  3. monopoly
  4. proprietorship
13. 
The market structure with the most control over prices is
  1. perfect competition
  2. monopolistic competition
  3. oligopoly
  4. monopoly
14. 
Which of the following is not a type of monopoly?
  1. natural
  2. geographic
  3. technological
  4. oligopolistic
15. 
Why does the United States government enforce anti-trust laws?
  1. to limit competition
  2. to promote competition
  3. to increase taxes
  4. to provide additional public goods and services

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