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Understanding Oligopolies Quiz

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1. What is an oligopoly?

2. Which of the following is a key characteristic of an oligopoly?

3. In an oligopolistic market, what impact does the decision of one firm often have on the other firms?

4. What kind of goods or services are typically produced by firms within an oligopoly?

5. Why are there high barriers to entry in an oligopolistic market?

6. What is the price-output behavior in an oligopolistic market?

7. What is price rigidity in the context of an oligopolistic market?

8. In an oligopolistic market, why might firms choose not to compete on price?

9. Which of the following is an example of an oligopolistic industry?

10. What economic model is used to understand the strategic behavior of firms in an oligopoly?