Micro - Oligopoly

Micro - Oligopoly

University

30 Qs

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Micro - Oligopoly

Micro - Oligopoly

Assessment

Quiz

Other

University

Practice Problem

Hard

Created by

Alia A

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30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In an oligopoly market structure, how many sellers are typically present?

A small number of sellers
Only one seller
A large number of sellers
No sellers

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the potential for profit in an oligopoly market in the long run?

Maintain some profit
Low profit like in perfect competition
High profit like a monopoly
No profit at all

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to quantity demanded when an oligopolistic firm increases its price and no rivals follow suit?

Large decrease in quantity demanded
No change in quantity demanded
Quantity demanded becomes elastic
Small increase in quantity demanded

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the demand curve look like for an oligopolistic firm?

Kinked demand curve
Upward-sloping demand curve
Downward-sloping demand curve
Straight-line demand curve

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does an oligopolistic firm determine the profit-maximizing output?

Where marginal revenue equals marginal cost
Where marginal revenue is highest
Where average revenue equals average cost
Where marginal cost is lowest

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do average cost curves impact an oligopolistic firm's short-run profitability?

It can make money, lose money, or break even
Always lose money
Always make money
Only break even

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What protects profits in an oligopoly market structure in the long run?

Barriers to entry
Low prices
Government regulations
High competition

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