Oligopoly

1. It is a market in which few large firms dominate the industry and compete with one another.

• A. Monopoly

• B. Monopolistic Competition

• C. Oligopoly

• D. Perfect Competition

2. It is the formal agreement between sellers to set specific prices or to otherwise behave in a cooperative manner.

• A. Collude

• B. Collusion

• C. Nonprice Competition

• D. Price-fixing

3. It is a form of collusion where firms establish the price of a product or service, rather than allowing it to be determined naturally through free-market forces.

• A. Collude

• B. Collusion

• C. Nonprice Competition

• D. Price-fixing

4. Oligopoly is a market in which firms are

• A. Price-fixers

• B. Price-makers

• C. Price-takers

• D. Price tag

5. Which of the following best describes Oligopoly?

• A. When one firm acts, the others tend to follow.

• B. When one firm acts, the others do not follow.

• C. When one firm acts, the other firms will not produce a different product.

• D. When one firm enters, the other firms will exit the industry.

6. The term Oligopoly is derived from the Greek word oligo which means

• A. One

• B. Two

• C. Few

• D. Many

7. The term poly is derived from the Greek word

• A. Pollen

• B. Polien

• C. Polleen

• D. Poline

8. OPEC stands for

• A. Organization for the Petroleum Exporting Countries

• B. Organization for the Petroleum Exporting Companies

• C. Organization of the Petroleum Exporting Countries

• D. Organization of the Petroleum Exporting Companies

9. The following are the best examples of firms under oligopoly market structure except for

• A. McDonald's, Wendy's, Burger King

• B. ABS-CBN, GMA, TV5

• C. Apple IOS, Google Android

• D. Toronto Hydro, LCBO

10. The profit-making possibility of an oligopoly is

• A. Low

• B. High

• C. Medium

• D. Very low