Market Structures and Business Strategies Quiz
Explore market structures, oligopoly, monopoly, and more. 12 questions on business strategies and economic principles. Challenge yourself now!
#1
Which market structure is characterized by a large number of firms, homogeneous products, and free entry and exit?
Monopoly
Monopolistic competition
Oligopoly
Perfect competition
#2
What is a characteristic of an oligopoly market structure?
One seller with many buyers
Many sellers with differentiated products
Few sellers with identical or differentiated products
Many sellers with identical products
#3
Which market structure has only one seller with no close substitutes?
Monopoly
Monopolistic competition
Oligopoly
Perfect competition
#4
What is a characteristic of a monopoly?
Many sellers with identical products
Products are perfect substitutes
There is only one seller
Firms engage in non-price competition
#5
Which of the following is not a barrier to entry in a market?
Patents
Brand loyalty
Government regulation
Perfect information
#6
In which market structure do firms engage in non-price competition?
Monopoly
Monopolistic competition
Oligopoly
Perfect competition
#7
Which of the following is a feature of a natural monopoly?
Low barriers to entry
Multiple firms in the market
Economies of scale
Homogeneous products
#8
Which market structure is characterized by a few large firms dominating the market?
Perfect competition
Monopoly
Oligopoly
Monopolistic competition
#9
What is a characteristic of monopolistic competition?
Firms are price takers
There are few sellers in the market
Products are perfect substitutes
Firms engage in product differentiation
#10
Which market structure is most likely to result in long-run economic profits?
Perfect competition
Monopoly
Monopolistic competition
Oligopoly
#11
What is an example of a barrier to entry in a monopoly market?
Government regulation
Perfect information
Low economies of scale
Frequent innovation
#12
In which market structure do firms have the least control over price?
Perfect competition
Monopoly
Oligopoly
Monopolistic competition
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