Oligopoly Market Quiz
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Questions and Answers

How do firms in oligopolistic markets influence prices?

  • By increasing the number of market participants
  • By decreasing the demand for the products
  • By manipulating the supply function (correct)
  • By enforcing perfect competition

    • What is an oligopoly?

  • A market controlled by a few large sellers with a dominant share (correct)
  • A market with a large number of sellers and homogeneous products
  • A market controlled by a single large seller
  • A market with inelastic demand and perfect competition

    • What is a situation similar to perfect competition within an oligopoly?

  • Oligopolists colluding to fix prices
  • Oligopolists having no market power
  • Oligopolists having their own market structure (correct)
  • Oligopolists engaging in anti-competitive practices

    • Why are firms in an oligopoly mutually interdependent?

    <p>Any action by one firm is expected to affect other firms and evoke a reaction</p> Signup and view all the answers

    Why is collusion deemed illegal in many jurisdictions?

    <p>It violates competition laws and is regarded as anti-competition behaviour</p> Signup and view all the answers

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