10 Questions
What is a characteristic of a monopoly?
Offering unique products
What is considered a barrier to entry in monopolies?
Marketing budgets
What are some advantages of monopolies mentioned in the text?
Economies of scale
In an oligopoly, how do firms typically behave towards each other?
Collude to control prices
What differentiates oligopolies from monopolies based on the text?
Large firms offering unique products
What are common types of barriers to entry in monopolies?
Technological barriers
In what way does a monopoly affect price?
It manipulates prices as a price-maker
What differentiates oligopoly firms' behavior from monopolies?
Mutual cooperation in setting prices
What is a characteristic of oligopolies in terms of market dominance?
Few large firms with substantial market share
How do monopolies impact innovation compared to competitive markets?
Monopolies stifle innovation due to lack of competition
Test your knowledge on the differences between monopoly and oligopoly. Explore the definitions, types of barriers to entry, advantages and disadvantages of monopolies, as well as the characteristics and types of competition in oligopolies.
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