
Unit 2.11 Market power - Oligopoly(HL)
Quiz
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Other
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12th Grade
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Medium
Simon Bloom
Used 1+ times
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15 questions
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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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