Market Structures: Test Questions and Answers
TEST - MARKET STRUCTURES - TEST
Multiple Choice
This monopoly occurs when a firm develops new technology that changes the way goods are produced or creates an entirely new product. a. geographic b. natural c. government d. technological
2. A monopoly owned & operated by any level of government: a. geographic b. natural c. government d. technological
3. Exists when a single firm controls the total production or sale of a product. a. oligopoly b. monopolistic competition c. perfect competition d. pure monopoly
4. This monopoly occurs when a firm is the only producer or seller of a product in a specific location. a. geographic b. natural c. government d. technological
5. This monopoly occurs in an industry where competition is (unnatural) inconvenient, impractical, and unworkable. a. geographic b. natural c. government d. technological
6. Intended to provide consumers with information on price, quality and special features of specific products. a. informative advertising b. competitive advertising c. economies of scale d. pure oligopoly e. differentiated oligopoly
7. Exists when a few producers dominate the production of similar(but differentiated) goods. a. informative advertising b. competitive advertising c. economies of scale d. differentiated oligopoly e. pure oligopoly
8. Tries to persuade consumers that the product being advertised is better than substitute goods. a. informative advertising b. competitive advertising c. economies of scale d. pure oligopoly e. differentiated oligopoly
9. Exists when firms are large enough to take advantage of mass production techniques. a. informative advertising b. competitive advertising c. economies of scale d. pure oligopoly e. differentiated oligopoly
10. Exists when a few producers dominate the production of an identical product. a.
Multiple Choice
This monopoly occurs when a firm develops new technology that changes the way goods are produced or creates an entirely new product. a. geographic b. natural c. government d. technological
2. A monopoly owned & operated by any level of government: a. geographic b. natural c. government d. technological
3. Exists when a single firm controls the total production or sale of a product. a. oligopoly b. monopolistic competition c. perfect competition d. pure monopoly
4. This monopoly occurs when a firm is the only producer or seller of a product in a specific location. a. geographic b. natural c. government d. technological
5. This monopoly occurs in an industry where competition is (unnatural) inconvenient, impractical, and unworkable. a. geographic b. natural c. government d. technological
6. Intended to provide consumers with information on price, quality and special features of specific products. a. informative advertising b. competitive advertising c. economies of scale d. pure oligopoly e. differentiated oligopoly
7. Exists when a few producers dominate the production of similar(but differentiated) goods. a. informative advertising b. competitive advertising c. economies of scale d. differentiated oligopoly e. pure oligopoly
8. Tries to persuade consumers that the product being advertised is better than substitute goods. a. informative advertising b. competitive advertising c. economies of scale d. pure oligopoly e. differentiated oligopoly
9. Exists when firms are large enough to take advantage of mass production techniques. a. informative advertising b. competitive advertising c. economies of scale d. pure oligopoly e. differentiated oligopoly
10. Exists when a few producers dominate the production of an identical product. a.