
Oligopoly
Authored by Michael Smith
Other
12th Grade
Used 9+ times

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26 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a characteristic of an oligopolistic market?
Firms are interdependent (their actions affect one another)
Supply is dominated by just a few firms
There are high barriers to entry
Firms are price takers
2.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Which of the following are barriers to entry for companies wanting to enter an oligopolistic market?
Economies of scale
Brand loyalty
Sunk costs
Patents and copyright
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is collusion in oligopolistic markets?
When firms work together to reduce competition and maximise their own benefits/profits
When there is lots of price and non-price competition between firms
When there are high sunk costs for firms
When firms use copyright to stop other firms copying their ideas
4.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Collusion is illegal in most countries:
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is the best definition of formal collusion?
When firms meet to agree to fix prices or limit competition
When firms closely monitor their rivals and copy their actions ('a nod and a wink')
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is the best definition of tacit collusion?
When firms meet to agree to fix prices or limit competition
When firms closely monitor their rivals and copy their actions ('a nod and a wink')
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is the best definition of a cartel?
When a group of firms, businesses or countries collude to fix prices and limit competition
When firms compete using non-price competition
When firms compete using price competition
When firms try to increase sunk costs
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