Key Concepts (Grade 12 NSC Matric Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What distinguishes a monopoly from other market structures?
What distinguishes a monopoly from other market structures?
A single firm controls the entire market
What is the key characteristic of oligopoly markets?
What is the key characteristic of oligopoly markets?
Each firm's actions significantly affect others
Which best describes monopolistic competition?
Which best describes monopolistic competition?
Many sellers offering differentiated products
What creates an artificial monopoly?
What creates an artificial monopoly?
Patents granting exclusive rights
Why do natural monopolies arise?
Why do natural monopolies arise?
Enormous infrastructure investments required
What defines a legal monopoly?
What defines a legal monopoly?
Laws specifically prevent other firms competing
What is a cartel?
What is a cartel?
Firms agreeing to fix prices or limit output
How does collusion differ from cartels?
How does collusion differ from cartels?
Collusion may be less formal than cartels
What characterises price leadership?
What characterises price leadership?
One dominant firm sets prices others follow
Why do firms create non-homogeneous products?
Why do firms create non-homogeneous products?
To reduce direct competition and build loyalty