Econ Unit 2 Quiz

In what market structure does a business firm have no non-price competition?

• Oligopoly

• Monopoly

• Monopolistic competition

• None of the above

All of the following can change the supply curve EXCEPT:

• the number of sellers offering the product

• the cost of labor

• the change in consumer tastes for the product

• the expectation that prices are about to increase

If an increase in the price of Product A causes a decrease in the demand for Product B, then then products are:

• Complimentary

• Substitutes

• Unrelated/independent

• None of the above

The minimum wage is a type of

• Sole Proprietorship

• Price ceiling

• Marginal price

• Price floor

Tonya decides to invest money in Wal-mart. As a shareholder, he has the advantage of

• double taxation

• limited life

• unlimited liability

• limited liability

Which type of market structure is characterized by a vast number of firms?

• Monopolisic competition

• Oligopoly

• Pure competition

• Monopoly

Tony decided to open a landscaping business. He borrowed some money from his uncle and took out a business load from Bank of America. He hired two helpers and purchased a leaf blower and hedge clippers. What is a disadvantage of Tony's type of business?

• double taxation

• ease of organizing the firm

• no separation of ownership and control

• unlimited liability