Which of these is NOT a characteristic of a monopolistically competitive firm?
Types of Market

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University
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Hard
Ramoncito Onia
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
There are many sellers
Firms sell differentiated products
There is free entry and exit
Prices are set by the buyer
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of these is the profit maximization equation of the monopolistically competitive firm in the short run?
MR = MC
MR = P
MR < MC
MR < P
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of these is the equation for economic profit?
Variable cost + Fixed cost
Marginal revenue - Marginal cost
Accounting profit + Opportunity cost
Revenue - Total costs
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When new firms enter the monopolistically competitive market, which of the following obtains a positive externality?
Competitors
Customers
Government
Suppliers
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of these CANNOT be used by the firm to signal their product's quality?
Brand Name
Costing
Advertising
Packaging
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of these is the production quantity that minimizes the average total costs of the firm?
Efficient scale of the firm
Minimum cost requirement
Cost saving production
Effective production rate
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of these describes the price of monopolistic competition?
It is above marginal revenue
It is above marginal cost
It is below marginal revenue
It is below marginal cost
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