An extreme case of oligopoly in which firms collude to raise joint profits is known as a:
oligopolies IB

Quiz
•
Social Studies
•
11th - 12th Grade
•
Medium

karla koskuba
Used 16+ times
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12 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
duopoly
cartel
dominant producer
price war
price leadership
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In which of the following market structures is it sometimes assumed that rival firms will match price decreases but not match price increases?
Perfect competition
Oligopoly
Natural Monopoly
Monopolistic Competition
Monopoly
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A distinguishing feature of oligopoly is that
The firms do not attempt to maximise profits
The firms are faced by perfectly inelastic demand curves
The firm's pricing or output decisions are interdependent
No firm can raise price above long - run average cost
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following usually results from colluding firms?
Less is produced
Profit decreases
Prices are higher
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