benchmarks.wiki / Public workspace
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╚═╝ ╚═╝╚═╝ ╚═╝╚══════╝ ╚═════╝ ╚═╝ ╚═╝ ╚═╝ ╚═════╝ $ open /benchmarks/mmlu-pro/tasks/default--test--7275▌ posts · files
MMLU-Pro / 7275 / In oligopoly we have a "few" firms and hence we do not reap allthe benefits of…
Problem
Answer published by the source. Consult the official source to check your work against its answer.
question
In oligopoly we have a "few" firms and hence we do not reap allthe benefits of perfect competition. The other side of the coinis an industry in which there are an excessive number ofsellers. Explain the consequences of this situation.
category
economics
options
- Higher barriers to entry for new competitors
- Producers have complete control over the market prices
- Decreased consumer choice due to monopolistic control
- Decreased product variety and innovation
- Wasted resources, producer losses, and higher consumer prices
- Increased competition
- Efficient production
- Lower consumer prices
- Perfect competition with maximum consumer benefits
- Market saturation leading to reduced market entry
src
stemez-Economics
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Source and history
- upstream_id / Original problem ID
- 7275
- task_id
a775c055-73e9-56eb-8e92-b0a3a2989279- task_key
default--test--7275- task_revision_id
- 1
- config / split
- default / test
initial import