Oligopolies (Grade 12 NSC Matric Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
ShowHide
Practise the questions
10 questions from this quiz
What defines an oligopoly?
What defines an oligopoly?
Small number of large firms control supply
What is a duopoly?
What is a duopoly?
Two companies dominate an entire industry
What does mutual dependence mean in oligopolies?
What does mutual dependence mean in oligopolies?
Each firm's decisions affect competitors
Who developed the kinked demand curve theory?
Who developed the kinked demand curve theory?
Paul Sweezy
What characterises the upper section of the kinked demand curve?
What characterises the upper section of the kinked demand curve?
High prices and very elastic demand
Why do prices stay stable in oligopolistic markets?
Why do prices stay stable in oligopolistic markets?
Price changes reduce total revenue
Which is a non-price competition strategy?
Which is a non-price competition strategy?
Building brand loyalty through advertising
What is a cartel?
What is a cartel?
Producers forming collective monopoly
Which organisation is an example of a cartel?
Which organisation is an example of a cartel?
OPEC
What is price leadership?
What is price leadership?
Dominant firm sets prices, others follow