Types of Market Dominance Quiz

Test your knowledge on monopolies, oligopolies, perfect competition, and monopolistic competition. Find out which market dominance leads to efficient resource allocation!

#1

Which of the following is an example of a company with monopolistic market dominance?

Microsoft
Coca-Cola
De Beers
Walmart
#2

What type of market dominance occurs when a single seller controls the entire market supply of a product or service?

Oligopoly
Monopoly
Perfect competition
Monopolistic competition
#3

In which type of market dominance do numerous firms compete against each other, each having a small market share?

Oligopoly
Monopolistic competition
Monopoly
Perfect competition
#4

What is a characteristic of a monopolistic competition market?

Homogeneous products
Many barriers to entry
Price takers
Product differentiation
#5

What term describes a market where a few large firms dominate the industry?

Monopolistic competition
Monopoly
Oligopoly
Perfect competition
#6

What strategy might a company use to maintain its dominance in an oligopoly market?

Price discrimination
Predatory pricing
Collusion
Product differentiation
#7

Which of the following is a strategy used by firms in monopolistic competition to gain market dominance?

Collusion
Price discrimination
Uniform pricing
Economies of scale
#8

What characteristic distinguishes an oligopoly market from other types of market dominance?

Many buyers and sellers
Highly differentiated products
Few sellers dominating the market
Price takers
#9

Which of the following is an example of natural monopolies?

Electricity distribution
Smartphone manufacturing
Fast food restaurants
Clothing retail stores
#10

Which of the following is a barrier to entry commonly associated with oligopoly markets?

Homogeneous products
Lack of government regulation
Economies of scale
Perfect information
#11

What type of market dominance may result in the most efficient allocation of resources?

Monopoly
Oligopoly
Perfect competition
Monopolistic competition
#12

Which of the following is a characteristic of an oligopoly market?

Numerous sellers
Homogeneous products
Price takers
Few firms dominate the market

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