Group 9, chapter 10 quizz

1. It is a market structure that characterized by a small number of firms and a great deal of interdependence qmong them.

• A. Monopoly

• B. Cartel

• C. Oligopoly

• D. Collision

2. What is OPEC

• A. Organization of petroleum exporting countries

• B. Organisasion of petroleum expert countries

• C. Organizational of petroleum exporting countries

3. A well known theory designed to explain the rigidity of prices in oligopolistic market

• A. The kinked demand curve

• B. Sales and profit of oligopolies

• D. Barriers to entry

4. It is normally difficult for a new entrants to enter into an oligopolistic market

• A. Barriers to entry

• B. The U.S experience

• C. Sales and profit of oligopolies

5. 5. Oligopolistic market structures, as compared with purely competitive market structure, are expected to have adverse effect on consumers

• A. The welfare effects of oligopoly

• B. Oligopoly

• C. Efficiency of the firm

6. 6. How many countries OPEC consists

• A. 12

• B. 13

• C. 11

• D. 10

7. It is an example of collision in its most complete form

• A. Centralized cartel

• B. Cartel

• C. Oligopoly

• D. Collision

8. It is a Cartel on formal Organisation of the producers within a given industry

• A. Perfect collusion

• B. Perfect Collision

• C. Collision

• D. Collusion

9. It is made up mostly of tacit impormal arrangements under which the firms of industry seek to establish prices and outputs

• A. Imperfect collusion

• B. Imperfect collision

• C. Impormal Collusion

• D. Impormal Collusion

10 . What is MSC

• A. Short run marginal cost

• B. Short run managerial cost

• C. Short run manage cost