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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is an oligopoly?
💡 Hint: Think about how many companies control the market.
Question 2
Easy
Name a characteristic of oligopoly.
💡 Hint: How do companies react to each other's pricing?
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is the main feature of an oligopoly?
- A large number of small sellers
- Just one seller
- Few large sellers (options correct)
- Many buyers
- few sellers
💡 Hint: Think about how many dominant companies there usually are.
Question 2
In oligopoly, firms are known for their _______ pricing strategies.
💡 Hint: What is it called when firms rely on each other?
Solve 2 more questions and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Analyze the situation where a new company enters an oligopolistic market. What effect will this have on existing companies and the market as a whole?
💡 Hint: Consider how the behavior of the established firms may change with new competition.
Question 2
Critically evaluate the potential long-term effects of price rigidity for consumers in an oligopoly market. What could happen?
💡 Hint: Think about how consumers react when they have fewer choices.
Challenge and get performance evaluation