An oligopoly is a type of market in which the competition is often limited and there are a limited number of consumers and sellers. Over the past week, we have been able to cover much about this type of market and below is a quiz on oligopoly in microeconomics for intellectuals. Give it a try and get to review all that you have learned so far. All the best!
True
False
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True
False
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True
False
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True
False
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True
False
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True
False
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Competitive
A monopoly
An oligopoly
A duopoly
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True
False
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A monopoly
A duopoly
A competitive market
A collusion solution
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True
False
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True
False
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More than the price charged by a monopoly and less than the price charged by a competitive market
Less than the price charged by a monopoly and more than the price charged by a competitive market
More than the price charged by either a monopoly or a competitive market
Less than the price charged by either a monopoly of a competitive market
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Pro-competition laws
Antitrust laws
Antimonopoly laws
Anticollusion laws
All of the above
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True
False
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True
False
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The same as if it were served by a monopoly
The same as if it were served by competitive firms
Efficient because cooperation improves efficiency
Known as Nash equilibrium
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True
False
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More than the level produced by a monopoly and less than the level produced by a competitive market
Less than the level produced by a monopoly and more than the level produced by a competitive market
More than the level produced by either a monopoly of a competitive market
Less than the level produced by either a monopoly or a competitive market
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Collusion is more likely to occur because of larger number of firms can place pressure on any firm that defects
Output in the market tends to fall because each firm must cut back on production
The price in the market moves further from marginal cost
The price in the market moves closer to marginal cost
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True
False
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Perfect competition
Monopoly
Oligopoly
None of the above
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Collusion solution
Cartel
Nash equilibrium
Dominant strategy
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Because antitrust laws make collusion illegal
Because, in the case of oligopoly, self-interest is in conflict with cooperation
If additional firms enter of the oligopoly
For all the above reasons
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True
False
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Has maximized profits
Should produce more units
Should produce fewer units
Should exit the industry
Is in a Nash equilibrium
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Is price fixing and, therefore, is prohibited by law
Enhances the market power of the producer
Has a legitimate purpose of stopping discount retailers from free riding on the services provided by full-service retailers
Is both a and b
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