Which market structure is characterized by many producers and low barriers to entry, with products that are similar but not identical?
Game Theory and Oligopoly: Crash Course Economics

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Business, Architecture
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11th Grade - University
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Hard
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7 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Perfect competition
Monopolistic competition
Oligopoly
Monopoly
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In an oligopoly, how do companies typically compete without changing their prices?
Through price wars
By lowering production costs
Through non-price competition
By increasing the number of products
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the prisoner's dilemma an example of in game theory?
A strategy that always results in a tie
A game where both players always win
A scenario where individual rationality leads to a suboptimal outcome
A situation where cooperation leads to the worst outcome
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a cartel?
A single company dominating a market
A group of companies conspiring to set prices
A market with no barriers to entry
A type of non-price competition
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is price leadership?
When a company sets a price and others follow
When companies agree to set the same price
When a company lowers its price to drive out competitors
When a company raises its price to increase profits
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a legal cartel?
The airline industry
OPEC
The fast food industry
The smartphone market
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a dominant strategy in game theory?
A strategy that leads to a draw
A strategy that changes based on the opponent's move
A strategy that is best regardless of what the other player does
A strategy that always results in a win
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