perfect & monopolistic competition

perfect & monopolistic competition

12th Grade

10 Qs

quiz-placeholder

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perfect & monopolistic competition

perfect & monopolistic competition

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Hard

Created by

monika manowska

Used 18+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

which one of these is NOT an assumption of the monopolistic competition?

there are many firms

the firms are relatively small

the products the firms supply are indistinguishable

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In monopolistic competition...

Allocative efficiency is reached

Productive efficiency is reached

Profit is maximized

All of the answers are correct

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In order to increase their profit, the producers in the monopolistic competition...

can increase their price however they want

can increase their price to some degree

can reduce the quantity supplied

none of the answers are correct

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The demand in the monopolistic competition is

perfectly elastic

perfectly inelastic

elastic

inelastic

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the long-run in monopolistic competition there is

an abnormal profit

an equilibrium

a loss

it depends on the situation in the short-run

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Productive efficiency happens when

MC = AC

MC = AR

MR = AC

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a firm makes an abnormal profit

MC = MR

MC = AC

MC = P

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