Monopolistic Competition and Oligopoly

What market structure do video game consoles fall under?

• Pure Competition

• Monopoly

• Oligopoly

• Monopolistic Competition

Monopolistic competition involves many companies competing in an open market to sell products that are ______.

• Identical

• Unique

• Similar but not identical

• Completely different

Which of the following industries is NOT typically associated with monopolistic competition?

• Clothing

• Banks

• Orange juice

• Electricity

Non-price competition can involve advertising, image, or ________.

• Discounts

• Status

• Price cuts

• Free trials

Fill in the blank: Providing excellent _______ is a form of non-price competition.

• A) Quality of service including after-sales

• B) Discount

• C) Price Matching

• D) Cost Cutting

Which of the following strategies is used in non-price competition?

• Innovation

• Lowering Prices

• Price Matching

• Cost Cutting

Fill in the blank: An oligopoly is a market dominated by a few large, _______ firms.

• A) unprofitable

• B) profitable

• C) small

• D) medium

Which of the following industries is NOT typically considered an oligopoly?

• A) Gaming Consoles

• B) Record companies

• C) Cell Phone Companies

• D) Local bakeries

Which of the following is a characteristic of an oligopoly?

• A) Many small firms

• B) A single dominant firm

• C) A few large, profitable firms

• D) No competition.

Fill in the blank: Examples of oligopolies include airlines, automobiles, and _______.

• local cafes

• cell phone companies

• independent artists

• small farms