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without.","mcqOptions":null},{"id":"0a44fbea-44de-46e8-8012-d6c925c42bd6","cardType":"basic","points":2,"front":"Why is a monopolist still limited when raising its price?","back":"Higher prices cause some lost sales along its demand curve.","mcqOptions":null},{"id":"49868797-b856-4e1e-9c81-b3a6e24c060e","cardType":"basic","points":1,"front":"What competitive pressure does a monopolist not face?","back":"A rival taking lost sales.","mcqOptions":null},{"id":"2ec5dfaf-3d67-46cf-acce-bb35a055af29","cardType":"basic","points":2,"front":"Why can a water supplier be a natural monopoly?","back":"Duplicating its pipe network would be wasteful.","mcqOptions":null},{"id":"567314d2-280c-4c9b-8ae1-605a4726faf5","cardType":"basic","points":2,"front":"What makes firms in an oligopoly interdependent?","back":"Each firm's decisions affect the others.","mcqOptions":null},{"id":"7ba392ac-00e6-4d77-aa5f-32db5bc2f86f","cardType":"basic","points":2,"front":"Why are price cuts risky in an oligopoly?","back":"Rivals may match the cut.","mcqOptions":null},{"id":"30be932c-f3da-409e-aeea-b13cec99faca","cardType":"basic","points":2,"front":"What is the likely result when oligopolists match price cuts?","back":"Everyone earns less on the same sales.","mcqOptions":null},{"id":"670188a2-8fe4-4a60-b358-bfc9659c9a07","cardType":"basic","points":1,"front":"How do oligopolists commonly compete instead of cutting prices?","back":"Through non-price competition.","mcqOptions":null},{"id":"ce7ceae4-de92-4fad-b356-67d22e86032e","cardType":"basic","points":1,"front":"Give one form of non-price competition used by oligopolists.","back":"Brands.","mcqOptions":null},{"id":"476c7e86-ece7-47ac-8443-cdd165650843","cardType":"basic","points":3,"front":"How does seller number differ between competitive markets and oligopolies?","back":"Competitive: many; oligopoly: a few.","mcqOptions":null},{"id":"6e792bb7-b41e-4af4-9948-c3da03a86821","cardType":"basic","points":3,"front":"How does a competitive firm's price power differ from a monopolist's?","back":"Competitive firm: price taker; monopolist: can set price.","mcqOptions":null},{"id":"59243457-b18f-46ee-bd4d-450db0d3f844","cardType":"basic","points":1,"front":"What can buyers usually do in a competitive market that they cannot readily do in a non-competitive market?","back":"Switch seller.","mcqOptions":null},{"id":"57300046-ee39-4c35-a47b-1a061facec4e","cardType":"basic","points":2,"front":"What happens to pressure on costs in a non-competitive market?","back":"There is less pressure to cut costs.","mcqOptions":null},{"id":"b4a63be0-012a-425d-8b52-eab345be9ce7","cardType":"basic","points":2,"front":"What happens to innovation pressure in a non-competitive market?","back":"There is less need to improve.","mcqOptions":null},{"id":"b4f77dc6-2588-4457-8556-6e0f53e1dc97","cardType":"basic","points":2,"front":"Why is Network Rail a UK monopoly example?","back":"Nobody else can supply Britain's railway track.","mcqOptions":null},{"id":"cdad62d4-ee33-47c0-97d2-9234a1c1e08d","cardType":"basic","points":2,"front":"Why is Thames Water a regional monopoly?","back":"It alone supplies tap water and sewerage in its region.","mcqOptions":null},{"id":"00cbc29a-b8b4-470e-a1e2-2057318d8e20","cardType":"basic","points":1,"front":"Which body polices market power across the UK economy?","back":"The Competition and Markets Authority.","mcqOptions":null},{"id":"15101920-fde9-486c-a2cc-c607140a43c4","cardType":"cloze","points":null,"front":"A market is non-competitive when [ ] can influence the price.","back":"A market is non-competitive when one or a few sellers can influence the price.","mcqOptions":null},{"id":"801cd461-0f85-40c6-8d2b-4465624b8054","cardType":"cloze","points":null,"front":"A market is non-competitive when one or a few sellers can influence the [ ].","back":"A market is non-competitive when one or a few sellers can influence the price.","mcqOptions":null},{"id":"e15ebca8-56a6-4cc7-9007-cad83adb4adb","cardType":"cloze","points":null,"front":"A monopoly has [ ], whereas an oligopoly has a small number of large sellers.","back":"A monopoly has one seller, whereas an oligopoly has a small number of large sellers.","mcqOptions":null},{"id":"45d54866-6d0d-4260-b444-c8f2147d20b3","cardType":"cloze","points":null,"front":"A monopoly has one seller, whereas an oligopoly has [ ].","back":"A monopoly has one seller, whereas an oligopoly has a small number of large sellers.","mcqOptions":null},{"id":"bcc69047-e5a3-4d29-b5b5-ebc62b2c2cae","cardType":"cloze","points":null,"front":"A firm's market power rises as its [ ] rises and buyers find it harder to switch.","back":"A firm's market power rises as its market share rises and buyers find it harder to switch.","mcqOptions":null},{"id":"4a8c67a4-cd1e-4b50-9a49-c4324d5c6b74","cardType":"cloze","points":null,"front":"A firm's market power rises as its market share rises and buyers find it harder to [ ].","back":"A firm's market power rises as its market share rises and buyers find it harder to switch.","mcqOptions":null},{"id":"a4a30a74-24e5-4b28-bc50-e7600ea4d366","cardType":"cloze","points":null,"front":"In the UK, [ ] regulates energy and Ofcom regulates communications.","back":"In the UK, Ofgem regulates energy and Ofcom regulates communications.","mcqOptions":null},{"id":"7038a18e-51d7-4087-a72e-358b8d1b34c8","cardType":"cloze","points":null,"front":"In the UK, Ofgem regulates energy and [ ] regulates communications.","back":"In the UK, Ofgem regulates energy and Ofcom regulates communications.","mcqOptions":null}]}],"examCountdown":{"examDate":"2027-05-13","paperLabel":"Paper 1"},"heading":"2.5.4 Monopoly and oligopoly","title":"2.5.4 Monopoly and oligopoly Flashcards","topbar":{"backHref":"/gcse/economics/ocr/flashcards"},"topicSidebar":"$L37"}]}],"topicId":"0b18eb89-64e8-4069-b227-45e98b077b3e","walled":"$L38"}],"$L39","$L3a"]