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- 1. Multiple ChoiceA product that consumers see as the same, regardless of the producerDifferentiated productSimilar productStandardized product
- 2. Multiple ChoiceWhich of the following is the best example of a standardized product?CarBootsCerealSkim Milk
- 3. Multiple ChoiceA business that cannot set the prices itself, but accepts the market pricePrice makerPrice takerMonopolyCartel
- 4. Multiple ChoiceOnly one seller sells a product for which there are no close substitutesMonopolyOligopolyMonopolistic competitionPerfect competition
- 5. Multiple ChoiceExists when many sellers offer similar, but not standardized productsMonopolyOligopolyMonopolistic CompetitionPerfect Competition
- 6. Multiple ChoiceThe least competitive market structureMonopolyOligopolyMonopolistic competitionPerfect competition
- 7. Multiple ChoiceFormal organization of sellers that agree to act together to set prices and limit outputMonopolyPrice makerOligopolyCartel
- 8. Multiple ChoiceExists when there are no other producers within a certain regionNatural monopolyGovernment monopolyTechnological monopolyGeographic monopoly
- 9. Multiple ChoiceExists when there are economies of scaleNatural monopolyGovernment monopolyTechnological monopolyGeographic monopoly
- 10. Multiple ChoicePostal serviceNatural monopolyGovernment monopolyTechnological monopolyGeographic monopoly
- 11. Multiple ChoiceThe only gas station in a small townNatural monopolyGovernment monopolyTechnological monopolyGeographic monopoly
- 12. Multiple ChoiceCereal producers are a good example of which type of market structure?Perfect competitionMonopolyMonopolistic competitionOligopoly
- 13. Multiple ChoiceTo be considered an oligopoly, the 4 largest firms must control at least _____ of the market.30%40%50%60%
- 14. Multiple ChoiceThe government does not regulate mergers between private companies.TrueFalse
- 15. Multiple ChoiceMergers are regulated by the government in order to keep trusts from forming.TrueFalse
- 16. Multiple ChoiceA primary reason for government regulation is to protect consumers.TrueFalse
- 17. Multiple ChoiceWhen competing businesses work together and agree to set prices for their competing productsPrice fixingMarket allocationPredatory pricingMerger
- 18. Multiple ChoiceA cartel is an example of perfect competition.TrueFalse
- 19. Multiple ChoiceWhen competing businesses divide a market amongst themselvesPrice fixingMarket allocationPredatory pricingJoint venture
- 20. Multiple ChoiceAntitrust laws promote competition.TrueFalse
- 21. Multiple ChoiceThere are many substitute products available to choose from in a monopolistic market structure.TrueFalse
- 22. Multiple ChoiceA merger happens when one companyCauses another company to go out of businessDivides and forms several companiesJoins another company to form a single companySells their business to another company
- 23. Multiple ChoiceAn example of imperfect competition is whenA book seller freely exits the marketA farmer sells eggs, fruits, and vegetablesBuyers receive enough information to make educated buying choicesIce cream sellers join together to influence the price of ice cream sundaes
- 24. Multiple ChoiceWhich is NOT considered an unfair business practice?Price fixingMarket allocationPredatory pricingCompetitive pricing
- 25. Multiple ChoiceWhich type of monopoly is the least harmful to consumers?Natural monopolyGovernment monopolyTechnological monopolyGeographic monopoly
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