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Monopolies and Monopolistic Competitive Firms

Authored by Aaron Robinson

Social Studies

10th - 12th Grade

Used 4+ times

Monopolies and Monopolistic Competitive Firms
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11 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

One difference between perfect competition and monopolistic competition is that

a perfectly competitive industry has fewer firms

monopolistic competition has barriers to entry.

firms in monopolistic competition face a downward-sloping demand curve.

in perfect competition, firms produce slightly differentiated products.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A monopolistically competitive industry has

a small number of large firms

differentiated products.

significant barriers to entry.

mutually dependent firms.

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

One important difference between monopoly and monopolistic competition is the

greater restriction of output in monopolistic competition.

point there are no barriers to entry in monopolistic competition.

point that the marginal revenue and demand curves are the same for a monopoly.

slope of the demand curve that the firms faces.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Firms in monopolistic competition always will

produce at the minimum average total cost.

set their price equal to their marginal cost.

earn an economic profit.

set their price above their marginal cost.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In monopolistic competition, in the short run a firm maximizes its profit by selecting an output at which marginal cost equals

price.

zero.

marginal revenue.

average total cost.

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

In the above figure, if the firm is in monopolistic competition, it will produce

100 units.

40 units

60 units.

between 60 and 80 units.

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

In the above figure, the monopolistically competitive firm earns an economic profit of

between $50.01 and $100 per day.

greater than $100.01 per day.

$0.

between $0 and $50 per day.

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