Monopolistic Competition and Oligopoly Quiz

Monopolistic Competition and Oligopoly Quiz

9th - 12th Grade

20 Qs

quiz-placeholder

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Monopolistic Competition and Oligopoly Quiz

Monopolistic Competition and Oligopoly Quiz

Assessment

Quiz

Business

9th - 12th Grade

Medium

Created by

awe TAIWO

Used 1+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a characteristic of monopolistic competition?

Price-taking behavior

Homogeneous products

Free entry and exit

Significant barriers to entry

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In monopolistic competition, firms have:

No control over price

Perfect substitutes for their products

Market power due to product differentiation

Identical cost curves

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the long run, a firm in monopolistic competition:

Earns economic profit

Produces at minimum ATC

Produces with excess capacity

Has marginal revenue equal to price

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A firm in monopolistic competition maximizes profit where:

Price = marginal cost

Marginal revenue = marginal cost

Average total cost = price

Price = average variable cost

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A monopolistically competitive firm in long-run equilibrium will:

Earn zero economic profit

Produce at efficient scale

Have MR above MC

Face a perfectly elastic demand curve

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Product differentiation in monopolistic competition leads to:

Lower prices than perfect competition

Greater efficiency

Brand loyalty and some price-setting ability

No deadweight loss

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Compared to perfect competition, monopolistically competitive firms in the long run:

Produce more

Charge a lower price

Operate at efficient scale

Have higher average total cost

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