Oligopoly Quiz

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Test your knowledge on the concept of oligopoly in economics with these challenging questions!

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Froggy Jumps Oligopoly QuizVersión en línea Test your knowledge on the concept of oligopoly in economics with these challenging questions! por sarah ayyad 1 What is an oligopoly? a A market with only one firm b A market structure with few large firms dominating the industry. c A market with many small firms 2 What is a characteristic of oligopoly? a Interdependence among firms' strategic decisions. b Perfect competition c Monopoly power 3 What is a common strategy in oligopoly? a Collusion b Perfect competition c Price leadership. 4 What is a barrier to entry in oligopoly? a Government subsidies b Low production costs c High start-up costs. 5 What is the kinked demand curve model in oligopoly? a It suggests firms match price cuts but not price increases. b It indicates collusion among firms c It shows a perfectly elastic demand curve 6 What is a potential outcome of a price war in oligopoly? a Lower prices and reduced profits for all firms. b Market equilibrium c Higher prices and increased profits 7 What is a real-world example of an oligopoly? a Agricultural market b Perfectly competitive market c Automobile industry. 8 What is a key challenge in regulating oligopolies? a Preventing collusion and anticompetitive behavior. b Promoting monopolistic practices c Encouraging price wars 9 What is a benefit of oligopolies to consumers? a Higher prices due to lack of competition b Limited product variety c Potential for product innovation and quality improvement. 10 What is a risk associated with oligopolies? a Government intervention for fair competition b Increased competition and lower prices c Reduced consumer choice and market inefficiency.

Froggy Jumps

Oligopoly QuizVersión en línea

Test your knowledge on the concept of oligopoly in economics with these challenging questions!

por sarah ayyad

What is an oligopoly?

A market with only one firm

A market structure with few large firms dominating the industry.

A market with many small firms

What is a characteristic of oligopoly?

Interdependence among firms' strategic decisions.

Perfect competition

Monopoly power

What is a common strategy in oligopoly?

Collusion

Perfect competition

Price leadership.

What is a barrier to entry in oligopoly?

Government subsidies

Low production costs

High start-up costs.

What is the kinked demand curve model in oligopoly?

It suggests firms match price cuts but not price increases.

It indicates collusion among firms

It shows a perfectly elastic demand curve

What is a potential outcome of a price war in oligopoly?

Lower prices and reduced profits for all firms.

Market equilibrium

Higher prices and increased profits

What is a real-world example of an oligopoly?

Agricultural market

Perfectly competitive market

Automobile industry.

What is a key challenge in regulating oligopolies?

Preventing collusion and anticompetitive behavior.

Promoting monopolistic practices

Encouraging price wars

What is a benefit of oligopolies to consumers?

Higher prices due to lack of competition

Limited product variety

Potential for product innovation and quality improvement.

What is a risk associated with oligopolies?

Government intervention for fair competition

Increased competition and lower prices

Reduced consumer choice and market inefficiency.

Oligopoly Quiz

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Oligopoly Quiz

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Oligopoly QuizVersión en línea

por sarah ayyad

What is an oligopoly?

What is a characteristic of oligopoly?

What is a common strategy in oligopoly?

What is a barrier to entry in oligopoly?

What is the kinked demand curve model in oligopoly?

What is a potential outcome of a price war in oligopoly?

What is a real-world example of an oligopoly?

What is a key challenge in regulating oligopolies?

What is a benefit of oligopolies to consumers?

What is a risk associated with oligopolies?