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WorksheetsOligopoly
Total questions: 10
Worksheet time: 5mins
1. It is a market in which few large firms dominate the industry and compete with one another.
A. Monopoly
B. Monopolistic Competition
C. Oligopoly
D. Perfect Competition
2. It is the formal agreement between sellers to set specific prices or to otherwise behave in a cooperative manner.
A. Collude
B. Collusion
C. Nonprice Competition
D. Price-fixing
3. It is a form of collusion where firms establish the price of a product or service, rather than allowing it to be determined naturally through free-market forces.
A. Collude
B. Collusion
C. Nonprice Competition
D. Price-fixing
4. Oligopoly is a market in which firms are
A. Price-fixers
B. Price-makers
C. Price-takers
D. Price tag
5. Which of the following best describes Oligopoly?
A. When one firm acts, the others tend to follow.
B. When one firm acts, the others do not follow.
C. When one firm acts, the other firms will not produce a different product.
D. When one firm enters, the other firms will exit the industry.
6. The term Oligopoly is derived from the Greek word oligo which means
A. One
B. Two
C. Few
D. Many
7. The term poly is derived from the Greek word
A. Pollen
B. Polien
C. Polleen
D. Poline
8. OPEC stands for
A. Organization for the Petroleum Exporting Countries
B. Organization for the Petroleum Exporting Companies
C. Organization of the Petroleum Exporting Countries
D. Organization of the Petroleum Exporting Companies
9. The following are the best examples of firms under oligopoly market structure except for
A. McDonald's, Wendy's, Burger King
B. ABS-CBN, GMA, TV5
C. Apple IOS, Google Android
D. Toronto Hydro, LCBO
10. The profit-making possibility of an oligopoly is
A. Low
B. High
C. Medium
D. Very low
