Market Structure MC Part 1
Financial Education
12th Grade
Used 2+ times
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5 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not a key characteristics of Monopolistic Competitive Firms?
Low Barriers to entry and exit
Many firms with significant market share
Differentiated Products
Low Market Power
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an accurate description of the demand and revenue curves of MC firm?
It is upward sloping.
It is steeper in gradient than a monopoly curve
It faces a highly elastic demand curve compared to monopolist.
It is not responsive to price change.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Production of the goods is always determined by:
MC>MR
MR>MC
MC=M
None of the above
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
MC firms can earn what type of profits in the short run?
Normal Profits
Subnormal Profits
Supernormal Profits
All of the above
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
MC firms can earn what type of profits in the long run?
Normal Profits
Subnormal Profits
Supernormal Profits
All of the above
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