Unit 2.11 Market power - Oligopoly(HL)

Unit 2.11 Market power - Oligopoly(HL)

12th Grade

15 Qs

quiz-placeholder

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Unit 2.11 Market power - Oligopoly(HL)

Unit 2.11 Market power - Oligopoly(HL)

Assessment

Quiz

Other

12th Grade

Medium

Created by

Simon Bloom

Used 1+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an oligopoly?

A market with only one firm

A market with no competition

A market where a small number of large firms dominate

A market dominated by a large number of small firms

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the concentration ratio in oligopolistic markets?

The ratio of total revenue of the largest firms to total market revenue

The ratio of total profit to total revenue

The ratio of total revenue of all firms in the market

The ratio of total market share to total revenue

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are barriers to entry in oligopolistic markets?

High costs and regulations

No competition

No barriers at all

Low costs and easy regulations

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do firms in oligopolistic markets sell?

Differentiated products

Services only

Identical products

No products

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is interdependent decision making in oligopolistic markets?

Firms follow government decisions

Firms do not make any decisions

Firms make decisions based on competitors' reactions

Firms make decisions independently

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is collusion in oligopolistic markets?

Competition between firms

Government intervention

Sharing information about price and output decisions

No communication between firms

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the most extreme form of collusion?

Cartel

Perfect competition

Monopoly

Price leadership

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