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- 1. Characteristics of oligopoly An oligopolistic market structure is distinguished by several characteristics, one of which is either similar or identical products. Which of the following are other characteristics of this market structure? Check all that apply. Market control by many small firms Market control by a few large firms Mutual dependence Mutual interdependence Difficult entry1. Characteristics of oligopoly An oligopolistic market structure is distinguished by several characteristics, one of which is difficult entry. Which of the following are other characteristics of this market structure? Check all that apply. Market control by many small firms Market control by a few large firms Neither mutual interdependence nor mutual dependence Either similar or identical products Mutual interdependence1. In oligopoly a.) firms compete with each other only by raising and lowering quantity because prices are fixed b. )the fewness of firms creates mutual interdependence in pricing among the firms
- 23- Which of the following market types has all firms selling products so identical that buyers do not care from which firm they buy? a. oligopoly b. monopoly c. perfect competition d. monopolistic competitionQuestion 8 Which of the following statements about oligopolies is NOT correct? Group of answer choices Unlike monopolies and monopolistically competitive markets, oligopolies prices do not exceed their marginal revenues. Oligopolistic firms are interdependent in a way that competitive firms are not. The actions of any one seller can have a large impact on the profits of all other sellers. An oligopolistic market has only a few sellers.QUESTION 12 A firm that is the sole seller of a product without close substitutes is a. perfectly competitive b. monopolistically competitive c. a monopolist d. an oligopolist
- 11. Which of the following market types has all firms selling products so identical that buyers do not care from which firm they buy? a. monopoly b. monopolistic competition c. perfect competition d. oligopoly5- Choose the extremely competitive market structure from the following. a. Monopoly b. Monopolistic competition c. Oligopoly d. Perfect competition28. A town in India has three Milk producing companies. The owners of these milk companies make decisions together about when to raise and lower milk prices. It would be difficult for another milk company to enter this market. Which market structure best describes this market? a. Monopoly b. Oligopoly c. Perfect competition d. Monopolistic competition
- 20. Which of the following market types has only a few competing firms? a. monopolistic competition b. perfect competition c. monopoly d. oligopolyQuestion 1a. With the aid of a diagram explain how a monopolist determines how much output to produce and what price to charge. b. Explain how the perfectly competitive firm decides whether to operate or shut down in the short run. c. Explain why firms operating in monopolistically competitive markets probably will not earn an economic profit in the long run. d. Why does interdependence of firms play a major role in oligopoly but not in perfect competition or monopolistic competition? Question 2a. A producer borrows money and starts a business. He himself looks after the business. Identify implicit and explicit costs from this information. Explain. b. List and explain which of the following is a fixed cost or a variable cost for Caribbean Airlines. i. The cost of fuel used in its planes. ii. The rent on its Piarco headquarters. iii. The lease payments on its current inventory of jets. iv. The cost of peanuts it serves to passengers. v. The salary paid to the Chief Executive Officer. c.…12. Which of the following does NOT fall into the degrees of competition continuum? A) Perfect competition B) Monopolistic competition. C) Competitive advantage D) Oligopoly
