Oligopoly (Edexcel A-Level Economics A): 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 key characteristic that makes oligopolies particularly interesting to study?
What is the key characteristic that makes oligopolies particularly interesting to study?
Interdependence between firms
In Market A, Firm 1 has 68% share & others have 3%, 2%, 1%, 1%. What does this show?
In Market A, Firm 1 has 68% share & others have 3%, 2%, 1%, 1%. What does this show?
High market concentration
In the kinked demand curve model, what happens if a firm raises its price?
In the kinked demand curve model, what happens if a firm raises its price?
Rivals unlikely to follow, demand elastic
In the kinked demand curve model, why would rivals match a firm's price cut?
In the kinked demand curve model, why would rivals match a firm's price cut?
To protect their market share
In the prisoners' dilemma, what is each prisoner's dominant strategy?
In the prisoners' dilemma, what is each prisoner's dominant strategy?
Confess
In the duopoly game, both firms produce high (£1m each). What would maximize joint profits?
In the duopoly game, both firms produce high (£1m each). What would maximize joint profits?
Both produce low (£2m each)
Under UK Competition Act, what is the maximum fine for operating a cartel per year?
Under UK Competition Act, what is the maximum fine for operating a cartel per year?
10% of annual turnover
Which condition makes collusion between firms more likely?
Which condition makes collusion between firms more likely?
Few firms in the market
Which is an example of non-price competition?
Which is an example of non-price competition?
Launching loyalty card programmes
What efficiency problem does monopsony create?
What efficiency problem does monopsony create?
Allocative efficiency not achieved