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Monopolies and Competition Quiz
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Monopolies and Competition Quiz

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Questions and Answers

What is the main reason for the inefficiency of a monopoly?

  • Low profits
  • Lack of competition (correct)
  • High barriers to entry
  • Excessive government regulation

    • What is the Prisoner's Dilemma in the context of oligopolies?

  • A situation in which firms choose to merge and eliminate competition
  • A situation in which firms choose to exit the market and reduce prices
  • A situation in which firms choose to compete and minimize profits
  • A situation in which firms choose to collude and maximize profits (correct)

    • What is the difference between monopolistic competition and perfect competition?

  • Barriers to entry
  • Profit maximization
  • Number of firms
  • Product differentiation (correct)

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