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Subjects · Leaving Cert Economics

Leaving Cert Economics: Oligopoly

How often Oligopoly comes up on the Economics papers, every year it was asked, and questions to try.

HL Asked on 2 of the last 5 Higher Level papers, most recently in 2025.

OL Asked on 1 of the last 5 Ordinary Level papers, most recently in 2024.

Oligopoly, Higher Level(8 marks)

Quick ones on Oligopoly.

(a)Which is a feature of oligopoly?
  1. Very many small, independent firms
  2. A few large, interdependent firms
  3. No barriers to entry into the market
(b)In the kinked demand curve model, rival firms are assumed to…
  1. Ignore all price changes
  2. Match price rises but ignore price cuts
  3. Match price cuts but ignore price rises
(c)On the kinked demand curve diagram, the marginal revenue curve has…
  1. A vertical gap below the kink
  2. The same slope as demand
  3. A kink above the demand curve
Show the answers

(a) A few large, interdependent firms

(b) Match price cuts but ignore price rises

(c) A vertical gap below the kink

Your turn: Higher Level questions on Oligopoly.

Higher Level

Asked on 2 of the last 5 Higher Level papers, most recently in 2025.

Every paper, year by year

YearWhere it came up
2025Q9
2024Not asked
2023Not asked
2022Not asked
2021Q9, Q11

Links open the State Examinations Commission’s paper for that year.

Ordinary Level

Asked on 1 of the last 5 Ordinary Level papers, most recently in 2024.

Every paper, year by year

YearWhere it came up
2025Not asked
2024Q2, Q11
2023Not asked
2022Not asked
2021Not asked

Links open the State Examinations Commission’s paper for that year.

More Oligopoly questions

Oligopoly, 2 marks

An oligopoly is a market dominated by?

  1. One firm
  2. Many small firms
  3. A few large firms
Show the answer

A few large firms

In an oligopoly a small number of big firms have most of the sales, such as mobile phone networks or large supermarket chains. Each firm must watch what its rivals do.

Oligopoly, 3 marks

Firms in an oligopoly are interdependent. This means?

  1. They are all owned and run by the state
  2. Each firm's decisions affect its rivals
  3. They all have one owner who sets all prices
Show the answer

Each firm's decisions affect its rivals

With only a few firms, a price cut by one takes customers from the others, who may react. So each firm must predict its rivals' response before it acts.

Oligopoly, 2 marks

Oligopoly firms secretly agreeing to fix prices is called?

  1. Collusion (forming a cartel)
  2. Price discrimination between customers
  3. Deregulation of the market
Show the answer

Collusion (forming a cartel)

Collusion is when firms agree to act together like one monopoly to raise prices. Cartels are illegal under Irish and EU competition law.

Other Economics topics

All of Leaving Cert Economics