Unit 5 - Principles of Business

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1. What is a "Oligopoly"?

  • Where only one buyer interfaces with many sellers.
  • When a specific organisation is the only supplier of a particular commodity.
  • A market that is dominated by a small number of sellers.
  • Product differentiation
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2. What is imperfect competition?

  • No barriers to market entry or exit.
  • A market structure showing some but not all features of competitve markets.
  • Large number of buyers and sellers
  • Rational buyers

3. What is a "Monopsony"?

  • Market is dominated by a small number of sellers.
  • Product differentiation
  • A market in which only one buyer interfaces with many sellers, the buyer dictates terms to the suppliers.
  • When a specific organisation is the only supplier of a particular commodity.

4. What are the features of Imperfect Competition?

  • No barriers to entry or exit
  • Perfect information
  • Incorporates monopolies, monopolistic competition, oligopoly and monopsony
  • Large number of buyers and sellers

5. What does "Monopoly" mean?

  • Where one buyer interfaces with many sellers.
  • When a specific organisation is the only supplier of a particular commodity.
  • A market that is dominated by a small number of sellers.
  • Where many businesses sell products that are differentiated from one another.

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