Monopoly, Oligopoly, Perfect Competition

Front

How might an oligopoly control prices?

Back

Collusion, Price leadership, Nonprice competition

Front

Differentiation is _________________.

Back

small differences that make your product unique.

Front

Car producers are an example of

Back

oligopoly

Front

Which of the following best describes an oligopoly? Options: many monopolistically competitive firms, a few firms sharing monopoly power, a former monopoly that has been broken up by the government, a government-granted franchise or monopoly

Back

a few firms sharing monopoly power

Front

Collusion most frequently occurs in industries that are

Back

oligopolistic

Front

Collusion is difficult for an oligopoly to maintain

Back

For all the above reasons

Front

conspiring among business to set the prices of competing production

Back

pricing fixing

Front

This market structure is characterized by the lowest level of competition among producers.

Back

monopoly

Front

It is the most ideal market structure.

Back

perfect competition

Front

Factors that make it difficult for new firms to enter a market are called

Back

Barriers to entry