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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)

Monopolies and Competition Quiz

Choose a study mode

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Questions and Answers

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

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

What is the difference between monopolistic competition and perfect competition?

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