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Copyright?2012PearsonEducation,Inc.
Microeconomics,10e(Parkin)Chapter15Oligopoly
WhatisOligopoly?
Anoligopolyisamarketstructureinwhichthereare
onlyafewbuyersbutmanysellers.
onlyafewsellerssellingeitheranidenticalordifferentiatedproduct.
manysellerssellingadifferentiatedproduct.
afewproductssoldbymanysellers.Answer:B
Topic:OligopolySkill:Recognition
Questionhistory:Previousedition,Chapter15AACSB:ReflectiveThinking
Whichofthefollowingisadistinguishingcharacteristicofoligopoly?
Asmallnumberoffirmscompete.
Noonefirmsactionsdirectlyaffecttheactionsoftheotherfirms.
Firmsarefreetoenterandexittheindustry.
Naturalbarrierscannotpreventtheentryofnewfirms.Answer:A
Topic:OligopolySkill:Recognition
Questionhistory:Previousedition,Chapter15AACSB:ReflectiveThinking
Whenonlyasmallnumberofproducerscompetewitheachotherisadefiningcharacteristicof
inelasticsupply.
monopolisticcompetition.
efficientcompetition.
oligopoly.Answer:DTopic:Oligopoly
Skill:Recognition
Questionhistory:Previousedition,Chapter15AACSB:ReflectiveThinking
Inoligopolisticmarkets,
therearemanyfirms.
therearenobarrierstoentry.
thereareonlyafewfirms.
allfirmsarepricetakers.Answer:C
Topic:OligopolySkill:Recognition
Questionhistory:Previousedition,Chapter15AACSB:ReflectiveThinking
Amarketstructureinwhichasmallnumberoffirmscompeteiscalled .
amonopoly
asmall-numbermarket
anoligopoly
monopolisticcompetitionAnswer:C
Topic:OligopolySkill:Recognition
Questionhistory:Previousedition,Chapter15AACSB:ReflectiveThinking
Thekeyfeatureofanoligopolyisthatthere
aremanybuyersandsellers.
isoneseller.
existsproductdifferentiation.
areonlyafewsellers.Answer:D
Topic:OligopolySkill:Recognition
Questionhistory:Previousedition,Chapter15AACSB:ReflectiveThinking
Inanoligopoly
thereareonly
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