Monop Comp and Oligop quiz prep
Authored by Pat Beck
Social Studies
University
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20 questions
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1.
FILL IN THE BLANKS QUESTION
1 min • 1 pt
An oligopoly market structure with only two firms is called a (a) .
2.
FILL IN THE BLANKS QUESTION
1 min • 1 pt
Oligopoly outcomes can be strategized using game theory with a thought experiment known as the prisoners' (a) .
3.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Which market structure produces the lowest prices and highest output?
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
All of these options
4.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
In which market structure do firms operate at MC=MR to maximize profits?
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
All of these options
5.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
In which market structures is it possible to earn positive economic profits in the long run?
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
All of these options
6.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
In which market structures is it possible to earn positive economic profits in the short run?
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
All of these options
7.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
In which market structures is P > MC?
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
All of these options
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