Oligopoly (AQA A-Level Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What is the defining feature of an oligopoly market structure?
What is the defining feature of an oligopoly market structure?
Small number of firms dominate industry
What was the four-firm concentration ratio for European web browsers (Chrome, Safari, Firefox, Edge)?
What was the four-firm concentration ratio for European web browsers (Chrome, Safari, Firefox, Edge)?
91.1%
What was the five-firm concentration ratio for UK banks in 2021?
What was the five-firm concentration ratio for UK banks in 2021?
94%
How are oligopolistic firms both interdependent and independent?
How are oligopolistic firms both interdependent and independent?
Consider rivals' reactions but decide alone
What is a cartel in oligopoly?
What is a cartel in oligopoly?
Formal agreement to fix prices
Why do individual cartel members have an incentive to cheat?
Why do individual cartel members have an incentive to cheat?
Can sell extra units at high cartel price
In the kinked demand curve, how do rivals react to price changes?
In the kinked demand curve, how do rivals react to price changes?
Don't match increases but match decreases
Which form of cooperation between firms is legal?
Which form of cooperation between firms is legal?
Joint product development
What is price leadership in oligopoly?
What is price leadership in oligopoly?
One firm sets prices, others follow
What is a key disadvantage of oligopoly?
What is a key disadvantage of oligopoly?
Higher prices and restricted output