
Monopolistic competition
Authored by Ambika Subrahmanya
Other
11th Grade
Used 5+ times

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7 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following markets is least likely to be described as monopolistic competition?
Plumbers
Private schools
Car manufacturing
Electricians
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following assumptions makes monopolistic competition different to perfect competition
Differentiated products
Large number of small firms
Large number buyers
No barriers to entry or exit
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Using the following data, which of the following is the firm’s marginal revenue when the price falls from $10 to $5?
$150
-$5
-$150
$5
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Using the diagram, which of the following is true?
The firm is making a loss
New firms will enter the market
The firm is not profit maximising
If the firm increases output total cost will fall
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following is untrue if firms in monopolistic competition are making losses?
ATC > AR
Firms will leave the market
Firms are profit maximising
By reducing output firms can reduce their losses
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following is true when a firm in monopolistic competition is making normal profit?
It is productively and allocatively efficient
It is neither productively nor allocatively efficient
It is productively efficient but not allocatively efficient
It is allocatively efficient but not productively efficient
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following is least likely to be true in a monopolistically competitive market?
Abnormal profit cannot be sustained in the long run
A firm profit maximises when marginal cost equals marginal revenue when marginal cost is rising
Firms are price makers
Marginal revenue is equal to average revenue
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