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WorksheetsEnglish for Economic
Total questions: 16
Worksheet time: 11mins
What businesses can "Collude" or work together to set prices?
Monopoly
Oligopoly
Perfect competition
Imperfect competition
Oligopoly is a market structure characterized by:
Independence in decision making
A large number of small firms
Regulated natural monopolies
Strategic behavior between rival firms
An Oligopoly is a market that has many producers and relatively low barriers.
True
False
Would car companies be in the oligopoly industry
Yes
No
What is the translation of " Perfect competition"?
(a)
What is the translation of "Duopoly"?
(a)
What is translation of "product differentiation"?
(a)
What is the translation of "Average revenue"?
(a)
What is the translation of " shutdown point"?
(a)
What is a collusive oligopoly?
Firms produce homogeneous products
Firms that act together to determine price or output
Firms that compete with each other in determining output
Firms that cheat to maximise profits
Would McDonalds be in the Oligopoly Industry?
True
False
Would Cell phone companies be in the oligopoly industry?
True
False
Would toy companies be in the oligopoly industries?
True
False
One difference between oligopolies and monopolistically competitive markets is that
firms maximize profits in monopolistically competitive markets but not in oligopolies
oligopolies have fewer barriers to entry
there are fewer firms in oligopolistic markets than in monopolistically competitive ones
the products sold in monopolistically competitive markets are identical
How does the government break up and prevent monopolies?
Increased Taxes
Antitrust legislation and regulation
Laissez-faire
Deregulation
What is the translation of “antitrust law”?
(a)
