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What is an Oligopoly? - Definition & Impact on Consumers

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Which of the following industries is best described as a national oligopoly?

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1. The CEOs of Verizon, AT&T, T-Mobile, and Sprint are out golfing. The CEO of Sprint suggests a plan where they all offer cell plans that have different levels of data, minutes, and texts, but that when compared, they all cost the same. What is the CEO suggesting?

2. Identify the agency of the U.S. government that is required to approve all proposed mergers and acquisitions.

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About This Quiz & Worksheet

Oligopoly is a term describing a specific economic circumstance within one industry. Assess what you know about oligopolies by answering quiz questions about the government agency responsible for overseeing changes in an oligopoly and what strategies take place within this type of economic market.

Quiz & Worksheet Goals

With these questions, test yourself on:

  • Part of the government that must approve company mergers and acquisitions
  • U.S. industries which are examples of oligopolies
  • How the strategies of an oligopoly apply to a particular situation
  • Making plans based on anticipating a competing business's actions

Skills Practiced

  • Reading comprehension - show that you understood the lesson on oligopolies by answering questions about the reading
  • Critical thinking - use what you know about oligopolies to extrapolate the effect of a given scenario
  • Information recall - access the knowledge you've gained regarding vocabulary terms related to oligopolies

Additional Learning

Use the lesson called What is an Oligopoly? - Definition & Impact on Consumers, which gives even more information about this economic concept. Read the lesson to learn about:

  • The difference between oligopoly, monopoly and perfect competition
  • How competitors interact in an oligopoly
  • Why market share is an important consideration in approving mergers
  • Consumer behavior within an oligopoly
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