Oligopoly and Monopolistic Competition Review

Quiz
•
Social Studies
•
11th - 12th Grade
•
Hard
Kevin Lam
Used 1+ times
FREE Resource
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6 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following best describes an oligopistic market?
Many sellers with identical barriers to entry
Many sellers, each with a clearly differentiated product, and no barriers to entry
A few competing sellers with similar products and high barriers to entry
A few competing sellers of identical products and no barriers to entry
No competition among sellers and high barriers to entry
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Neither company has a dominant strategy
Both companies have an incentive to reduce production by 10%
Both companies have an incentive to reduce production by 20%
Only UA have an incentive to reduce production by 20%
Only UB have an incentive to reduce production by 20%
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Game theory is used to explain
why firms price discriminate
how monopolies evolve into oligopolies
strategic behavior of firms in oligopoly
profit maximization in monopoly
price leadership of monopolistic competition
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Based on the payoff matrix, which of the following is correct?
Firm A always gets a smaller share of the industry profits.
Firm A’s dominant strategy is to advertise.
Firm B’s dominant strategy is not to advertise.
The dominant strategy for both firms is not to advertise.
Neither firm has a dominant strategy.
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Monopolistically competitive product markets are inefficient because
price equals the marginal value to the buyer of the last item produced
price is greater than marginal cost
excessive competition prevents other firms from entering the market
homogeneous goods are usually overpriced
short-run economic profit-making opportunities exist
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
One difference between oligopolies and monopolistically competitive markets is that
there is no deadweight loss in monopolistically competitive markets, but there is in oligopolies
the products sold in monopolistically competitive markets are identical
oligopolies have fewer barriers to entry
firms maximize profits in monopolistically competitive markets but not in oligopolies
there are fewer firms in oligopolistic markets than in monopolistically competitive ones
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