English for Economic

What businesses can "Collude" or work together to set prices?

• Monopoly

• Oligopoly

• Perfect competition

• Imperfect competition

Oligopoly is a market structure characterized by:

• Independence in decision making

• A large number of small firms

• Regulated natural monopolies

• Strategic behavior between rival firms

An Oligopoly is a market that has many producers and relatively low barriers. 

• True

• False

Would car companies be in the oligopoly industry

• Yes

• No

What is the translation of " Perfect competition"?

(a)  

What is the translation of "Duopoly"?

(a)  

What is translation of "product differentiation"?

(a)  

What is the translation of "Average revenue"?

(a)  

What is the translation of " shutdown point"?

(a)  

What is a collusive oligopoly?

• Firms produce homogeneous products

• Firms that act together to determine price or output

• Firms that compete with each other in determining output

• Firms that cheat to maximise profits