Monopoly vs Oligopoly Quiz

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson
Download our mobile app to listen on the go
Get App

Questions and Answers

What is a characteristic of a monopoly?

  • Being a price-taker
  • Low barriers to entry
  • Offering unique products (correct)
  • Multiple firms dominating the market

What is considered a barrier to entry in monopolies?

  • High competition
  • Technological advancements
  • Marketing budgets (correct)
  • Low start-up costs

What are some advantages of monopolies mentioned in the text?

  • Economies of scale (correct)
  • Price competition
  • Lack of innovation
  • Increased competition

In an oligopoly, how do firms typically behave towards each other?

<p>Collude to control prices (D)</p> Signup and view all the answers

What differentiates oligopolies from monopolies based on the text?

<p>Large firms offering unique products (A)</p> Signup and view all the answers

What are common types of barriers to entry in monopolies?

<p>Technological barriers (C)</p> Signup and view all the answers

In what way does a monopoly affect price?

<p>It manipulates prices as a price-maker (C)</p> Signup and view all the answers

What differentiates oligopoly firms' behavior from monopolies?

<p>Mutual cooperation in setting prices (A)</p> Signup and view all the answers

What is a characteristic of oligopolies in terms of market dominance?

<p>Few large firms with substantial market share (B)</p> Signup and view all the answers

How do monopolies impact innovation compared to competitive markets?

<p>Monopolies stifle innovation due to lack of competition (B)</p> Signup and view all the answers

Flashcards are hidden until you start studying

More Like This

Monopolie en Oligopolie Quiz
10 questions
Oligopoly and Monopoly Market Structures
42 questions
Use Quizgecko on...
Browser
Browser