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Preguntas del test (15)
1Rank the market structures in order from MOST to LEAST competitive
- APerfect Competition - > Monopolistic Competition - > Oligopoly - > Monopoly
- BMonopoly - > Oligopoly - > Monopolistic Competition - > Perfect Competition
- COligopoly - > Perfect Competition - > Monopolistic Competition - > Monopoly
- DPerfect Competition - > Oligopoly - > Monopoly - > Monopolistic Competion
2Many small firms; Identical products (perfect substitutes); Low Barriers- Easy for firms to enter and exit the industry; Seller has no need to advertise; Firms are “Price Takers”
- AMonopoly
- BOligopoly
- CMonopolistic Competition
- DPerfect Competition
3One large firm (the firm is the market); Unique product (no close substitutes); High Barriers - Firms cannot enter the
industry; Monopolies are “Price Makers”- AMonopoly
- BOligopoly
- CMonopolistic Competition
- DPerfect Competition
4A Few Large Producers (Less than 10); Identical or Differentiated Products; High Barriers to Entry; Control Over Price (Price Maker); Mutual Interdependence
- AMonopoly
- BOligopoly
- CMonopolistic Competition
- DPerfect Competition
5Relatively Large Number of Sellers; Differentiated Products; Some control over price; Low Barriers- easy for firms to enter; A lot of non-price competition (Advertising)
- AMonopoly
- BOligopoly
- CMonopolistic Competition
- DPerfect Competition
6When an owner can be held personally responsible for the debts, obligations, and mistakes of the business, the owner is said to hold
- Acompetition
- BUnlimited personal liability
- Ca monopoly
- Dcorporation
7In which type of business organization do shareholders have little say in the day-to-day management of the business?
- ASole Proprietorship
- BPartnership
- CCorporation
8Which type of business organization has the advantage of being your own boss, but the disadvantage of unlimited personal liability?
- ASole Proprietorship
- BPartnership
- CCorporation
9Which type of business organization has the advantages of shared decision-making and specialization, but the disadvantage of potential conflicts between owners?
- ASole Proprietorship
- BPartnership
- CCorporation
10Which type of business organization has the advantage of having the financial capital to hire specialists, but the disadvantages of increased regulation and double taxation?
- ASole Proprietorship
- BPartnership
- CCorporation
11George and Jacob want to start a lawn care business. They have agreed to share all profits and losses evenly between them. What type of business should they set up?
- ASole Proprietorship
- BPartnership
- CCorporation
12In which market structure are firms “price takers,” meaning they have no control over prices and have to accept the going market price?
- AMonopoly
- BOligopoly
- CMonopolistic Competition
- DPerfect Competition
13In which market structure are firms “price makers,” meaning they set the market price?
- AMonopoly
- BOligopoly
- CMonopolistic Competition
- DPerfect Competition
14What does a price ceiling create?
- AShortages
- BSurpluses
15What does a price floor create?
- AShortages
- BSurpluses
Información
- Descripción
- Test sobre Sin título, creado por Brooklyn Schultz el 14/11/2022.
- Autor
- Brooklyn Schultz
- Idioma
- English
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- 0
- Etiquetas
- Valoración
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