
perfect & monopolistic competition
Authored by monika manowska
Social Studies
12th Grade
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10 questions
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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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