Monopolistic Competition

Monopolistic Competition

University

20 Qs

quiz-placeholder

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Monopolistic Competition

Monopolistic Competition

Assessment

Quiz

Social Studies

University

Hard

Created by

Auttapol Suebpongsakorn

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20 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Monopolistic competition is defined as a type of market structure where

Many firms produce the good.

Firms produce a homogeneous good.

There are barriers to entry.

Firms can earn positive profit in the long run.

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

In monopolistic competition

Each firm's price can deviate from the average price of other firms.

Each firm supplies a large part of the total market output.

One firm's actions directly affect the actions of the other firms.

Firms typically determine the amount they produce through agreements with competitors.

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

All of the following characteristics apply to monopolistic competition EXCEPT

A large number of firms compete.

Each firm produces the same identical product.

Firms compete on product quality, price, and marketing.

There are no barriers to enter or exit the industry.

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Firms in monopolistic competition can achieve product differentiation by

Expanding plant size.

Exploiting economies of scale in production.

Advertising special characteristics.

Setting the price equal to average revenue.

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The best example of a good sold in a monopolistically competitive market is

Pizza.

The local newspaper.

Sewer services.

Peaches.

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

In monopolistic competition, each firm's marginal revenue curve has a ________ and its demand curve has a ________.

slope equal to zero; slope equal to zero

slope equal to zero; negative slope

negative slope; a slope equal to zero

negative slope; negative slope

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Firms in monopolistic competition have rivals that

match their price increases.

match their price decreases.

agree on a common price.

set their prices according to the demand curves they face.

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