WorksheetsMonopolistic Competition and Oligopoly
Total questions: 11
Worksheet time: 6mins
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
Economists call an industry an oligopoly if the 4 largest firms produce at least ____ of the output.
40%-50%
50%-60%
60%-70%
70%-80%
