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Microeconomics
Learn the toughest concepts covered in Microeconomics with step-by-step video tutorials and practice problems by world-class tutors
Table of contents
Oligopoly
Characteristics of Oligopoly
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1
concept
Characteristics of Oligopoly
4m
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2
concept
Oligopoly Barriers to Entry
5m
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3
Problem
One difference between oligopoly and monopolistic competition is that:
A
A monopolistically competitive industry has fewer firms
B
Fewer firms compete in oligopoly than in monopolistic competition
C
In monopolistic competition, products are identica
D
Monopolistic competition has barriers to entry
4
Problem
An example of oligopoly is:
A
Wheat farming
B
The clothing industry
C
The restaurant industry
D
Cellular phone service
5
Problem
A key feature of an oligopolistic market is that
A
Each firm produces a different product from other firms
B
A single firm chooses a point on the market demand curve
C
Each firm takes the market price as given
D
A small number of firms are acting strategically
6
Problem
A major threat to long term profits exists when barriers to entry into an industry are high
A
True
B
False
C
None of the above
