8 Questions
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.
True
There are a total of 5 chapters in the Economics textbook for 12th grade commerce students.
False
What is oligopoly?
Oligopoly is a market structure characterized by a few firms or sellers producing either a homogeneous or differentiated product.
How does advertising play a role in oligopoly?
Advertising is a powerful instrument for oligopolists. Firms in oligopoly can use aggressive and attractive advertising campaigns to capture market share and compete with other firms.
What is the significance of interdependence in oligopoly?
Interdependence is significant in oligopoly as firms have to be cautious about the actions taken by competing firms. Any change in price or strategy by one firm can lead to a similar response from other firms in the industry.
Give an example of an industry that operates under oligopoly.
Mobile service providers and cement companies are examples of industries that operate under oligopoly.
What kind of control do firms in oligopoly have over the price of a product?
Firms in oligopoly have considerable control over the price of a product due to their dominance in the market.
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.
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