Oligopoly (1)

Oligopoly (1)

12th Grade

22 Qs

quiz-placeholder

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Oligopoly (1)

Oligopoly (1)

Assessment

Quiz

Other

12th Grade

Practice Problem

Medium

Created by

Callum Richardson

Used 12+ times

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22 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following best describes an oligopoly?

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

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Collusion most frequently occurs in industries that are

oligopolistic

monopolistically competitive

monopolistic

perfectly competitive

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

An oligopoly is a market structure in which many firms sell products that are similar but not identical

TRUE

FALSE

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The unique feature of an oligopoly market is that the actions of one seller have a significant impact on the profits of all of the other sellers in the market

TRUE

FALSE

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

When oligopolists collude and form a cartel, the outcome in the market is similar to that generated by a perfectly competitive market

TRUE

FALSE

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

If oligopolists engagein collusion and successfully form a cartel, the market outcome is

the same as if it were served by a monopoly

The same as if it were served by competitive firms

The same as if it were served by competitive firms

Known as Nash equilibrium

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

As the number of sellers in an oligopoly increases

Collusion is more likely to occur because of larger number of firms can place pressure on any firm that defects

Output in the market tends to fall because each firm must cut back on production

The price in the market moves further from marginal cost

The price in the market moves closer to marginal cost

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