Oligopoly and Monopoly

Which of the following represents a market structure with few companies dominating the market?

• Perfect Competition

• Monopoly

• Oligopoly

• Monopolistic Competition

How companies/firms dominate in a monopoly market structure

• 1

• 2

• a few

• many

The following are characteristics of which market structure?

One seller, no substitutes, high barriers to enter, and control over price.

• Oligopoly

• Perfect Competition

• Monopoly

• Duopoly

Which of the following characteristics represent an oligopoly?

• one seller

• complete control over price

• no substitutes

• few firms/companies

In oligopoly, what does cooperative behavior mean?

• working alone

• independence

• strong competition

• working together or collaborating

Another word for agreeing to work together is

• solo

• isolate

• independent

• collusion

Stong collusions such as cartels are __________ in the US.

• allowed

• permitted

• illegal

• legal

In oligopoly, which behavior increases production?

• Cournot

• Bertrand

• tacit collusin

• price leadership

In oligopoly, which behavior reduces price?

• Cournot

• Bertrand

• Price War

• Product differentiation

Geographic Monopoly

• A company dominating in one area

• Two companies dominating in one area

• Multiple firms/companies in one location

• Companies with better technology