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Oligopoly: Quiz

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Question 1: Classical economic theory assumes that a profit-maximizing producer with some market power (either due to oligopoly or ________) will set marginal costs equal to marginal revenue.
JEL classification codesMonopolistic competitionPerfect competitionMicroeconomics

Question 2: For example, there are now only a small number of manufacturers of civil passenger aircraft, though Brazil (________) and Canada (Bombardier) have participated in the small passenger aircraft market sector.
EmbraerGerdauPetrobrasOi (telecommunications)

Question 3: The accountancy market is controlled by PriceWaterhouseCoopers, KPMG, ________, and Ernst & Young (commonly known as the Big Four)[41]
DeloitteBoeingIntel CorporationAmerican Express

Question 4: In some situations, the firms may employ restrictive trade practices (collusion, market sharing etc.) to raise prices and restrict production in much the same way as a ________.
Barriers to entryMonopolyCompetition lawNatural monopoly

Question 5: Boeing and ________ have a duopoly over the airliner market[43]
Airbus A380Airbus A320 familyAirbus A350Airbus

Question 6: Four companies (Tesco, Sainsbury's, ________ and Morrisons) share 74.4% of the grocery market[34]
AsdaNetto (store)Marks & SpencerWaitrose

Question 7: Oligopoly theory makes heavy use of ________ to model the behavior of oligopolies:
Evolutionarily stable strategyGame theoryNash equilibriumPrisoner's dilemma

Question 8: The television industry is mostly an oligopoly of five companies: Disney/ABC, ________, NBC Universal, Time Warner, and News Corporation.
Infinity Broadcasting CorporationCBS Television StationsCBS CorporationCBS Radio

Question 9: The detergent market is dominated by two players, ________ and Procter & Gamble[36]
Reed ElsevierUnileverRoyal Dutch ShellHSBC

Question 10: Most media outlets are owned either by News Corporation, Time Warner, or by ________[31]
TelstraWestpacFairfax MediaBHP Billiton







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