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- 1. Multiple Choice
Which of these describes an oligopoly?
A market dominated by a few sellers
A market where products sold are identical
A market where there is no competition
A market where the buyer dictates terms
- 2. Multiple Choice
A business is operating in a market of perfect competition. Which of these is a characteristic of this market?
Consumers influence price
There are differentiated products
Suppliers influence price
There are no barriers to entry
- 3. Multiple Choice
An organisation is aiming to be one of the few sellers of a specific product. What is the organisational goal associated with this?
To increase customer satisfaction levels
To achieve a state of monopoly
To achieve a state of imperfect competition
To increase consumer choice
- 4. Multiple Choice
A large supermarket determines the price it pays its suppliers. Which term defines this market?
Monopsony
Monopoly
Perfect competition
Imperfect competition
- 5. Multiple Choice
A characteristic of an imperfect market is?
a large number of buyers and sellers
sellers and consumers accept the going price
the seller influences the price to earn more profit
no barriers to entry or exit
- 6. Multiple Choice
Which of the following is most characteristic of perfect competition?
Monopoly
Monopsony
Oligopoly
Monopolistic
- 7. Multiple Choice
A characteristic of perfect competition is
the seller influences the price to earn more profit
the seller reduces output to drive up prices and increase profits
no participant is large enough to set the price of an identical product
there are restrictions to market entry and exit
- 8. Multiple Choice
Which is not a characteristic of an oligopoly?
an industry dominated by a small number of large firms
there are significant barriers to entry and exit
firms often collude to increase their profits
there is only one firm selling all output in the market
- 9. Multiple Choice
Which is a characteristic of an oligopsony?
the seller usually influences the price
the number of buyers is small
the number of sellers must be small
the buyer cannot influence the price
- 10. Multiple Choice
Which of the following is least likely to be part of monopolistic competition in the UK?
hotels and pubs
hairdressers
coffee shops
water companies
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