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
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which market structure is characterized by many producers and low barriers to entry, with products that are similar but not identical?
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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