Market Structure And Business Organizations Question Preview (ID: 31046)


Econ EOC. TEACHERS: click here for quick copy question ID numbers.

One single product and lots of control over prices are characteristics of firms in what market structure?
a) monopoly
b) oligopoly
c) monopolistic competition
d) perfect competition

How much control over price do companies in a perfectly competitive market have?
a) none
b) some
c) very little
d) total

Sunshine Island has 3 large supermarkets that supply most of the groceries for the island’s population. A gas station also sells a very small selection of groceries. How would you describe the market for groceries on Seaside Island?
a) perfect competition
b) monopolistic competition
c) oligopoly
d) monopoly

Which of the following is NOT a condition for perfect competition?
a) Many buyers and sellers participate in the market.
b) Sellers offer a wide variety of products.
c) Buyers and sellers are well informed about products.
d) Sellers are able to enter and exit the market freely.

What is monopolistic competition?
a) one company selling the identical product under different names
b) one company selling several different products under different names
c) a very few companies selling identical products
d) many companies selling similar but not identical products

In which market structure does a firm have greatest control over its product’s price?
a) perfect competition
b) monopolistic competition
c) oligopoly
d) monopoly

Interdependence and price leadership are characteristics of firms in what kind of market structure?
a) monopoly
b) oligopoly
c) monopolistic competition
d) perfect competition

Sharon decided to open a dry-cleaning business. She borrowed some money from her sister and took a loan from a bank. She hired one helper. What is one disadvantage of Sharon’s business?
a) no separation of ownership and control
b) ease of organizing the firm
c) unlimited liability
d) double taxation

Which of the following is true about a shareholder in a corporation?
a) A shareholder is part owner of that business.
b) A shareholder may not share in the earnings of that corporation.
c) A shareholder may not transfer his share to another party without permission.
d) A shareholder is liable for any debts accumulated by that corporation.

Which form of business organization is easiest to organize but is LEAST able to benefit from specialization?
a) sole proprietorship
b) partnership
c) limited partnership
d) corporation

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