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Questions and Answers
Economics is a subject taught in the 12th grade commerce stream.
Economics is a subject taught in the 12th grade commerce stream.
True
Chapter 1 is the first chapter in the Economics textbook for 12th grade commerce students.
Chapter 1 is the first chapter in the Economics textbook for 12th grade commerce students.
True
There are a total of 5 chapters in the Economics textbook for 12th grade commerce students.
There are a total of 5 chapters in the Economics textbook for 12th grade commerce students.
False
What is oligopoly?
What is oligopoly?
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How does advertising play a role in oligopoly?
How does advertising play a role in oligopoly?
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What is the significance of interdependence in oligopoly?
What is the significance of interdependence in oligopoly?
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Give an example of an industry that operates under oligopoly.
Give an example of an industry that operates under oligopoly.
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What kind of control do firms in oligopoly have over the price of a product?
What kind of control do firms in oligopoly have over the price of a product?
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Study Notes
Overview of Economics in 12th Grade
- Economics is part of the 12th grade commerce curriculum.
- The Economics textbook contains 5 chapters tailored for commerce students.
Oligopoly
- Oligopoly is a market structure where a small number of firms dominate the market.
- Characteristics include limited competition, similar or identical products, and high barriers to entry.
Role of Advertising in Oligopoly
- Advertising is crucial in oligopoly as firms compete for market share.
- It helps to differentiate products, creating brand loyalty among consumers.
- High advertising costs may act as a barrier to entry for new firms.
Significance of Interdependence in Oligopoly
- Firms in an oligopoly are interdependent; the actions of one firm directly affect the others.
- This creates a need for strategic planning and mutual consideration of competitors’ potential moves.
Example of Oligopoly
- The telecommunications industry is a prime example of an oligopoly, where a few companies control most of the market.
Price Control in Oligopoly
- Firms in an oligopoly possess some degree of pricing power, which is influenced by their collaboration and competitive strategies.
- While they can set prices, they must consider the potential reactions of rival firms, leading to price stability in many instances.
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Description
Test your knowledge of the first chapter of Economics in the 12th grade commerce stream with this quiz. Assess your understanding of key concepts and principles covered in this chapter.
