Monopolistic competition

Monopolistic competition

University

14 Qs

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Monopolistic competition

Monopolistic competition

Assessment

Quiz

Business

University

Practice Problem

Hard

Created by

Diyaa D

Used 84+ times

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14 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which one of the following statements is not a characteristic of monopolistic competition?

Ease of entry into the industry

Product differentiation

A relatively large number of sellers

A homogenous product

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Monopolistic competition is a market structure in which few firms sell similar products

True

False

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which of the following industries is the best example of monopolistic competition?

Wheat

Restaurant

Automobile

Water service

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

In long-run equilibrium in a monopolistically competitive market, firms typically:

earn a normal profit

charge a price equal to marginal cost

earn an above-normal profit

charge a price equal to marginal revenue

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Under monopolistic competition price discrimination can be made easily.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Under monopolistic competition, a firm faces a perfectly elastic demand curve.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Similar to firms in perfectly competitive markets, firms in monopolistically competitive markets can enter and exit the market without restriction so profits are driven to zero in the long run

True

False

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