Oligopoly Market Quiz
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Questions and Answers

What is a characteristic of oligopolistic markets?

  • Many market participants
  • No influence on prices by firms
  • Elastic demand for products
  • Homogeneous products (correct)

    • What is an oligopoly?

  • A market in which control lies in the hands of a few large sellers (correct)
  • A market controlled by a single large seller
  • A market with many small sellers and differentiated products
  • A market with many large sellers and homogeneous products

    • Why can firms in oligopolistic markets influence prices?

  • Lack of interdependence among firms
  • Due to having numerous competitors
  • Absence of collusion among competitors
  • Because of their significant market power (correct)

    • What is a common strategy adopted by firms in oligopolistic markets to maximize profits?

    <p>Price-fixing through collusion</p> Signup and view all the answers

    Why is collusion considered illegal in many jurisdictions?

    <p>It violates competition laws</p> Signup and view all the answers

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