MONOPOLISTIC COMPETITION AND OLIGOPOLY

MONOPOLISTIC COMPETITION AND OLIGOPOLY

University

20 Qs

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MONOPOLISTIC COMPETITION AND OLIGOPOLY

MONOPOLISTIC COMPETITION AND OLIGOPOLY

Assessment

Quiz

Social Studies

University

Hard

Created by

HAZWANI AZAM

Used 171+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

Which of the following statements correctly identifies a difference between perfect competition and monopolistic competition? 
In perfect competition there are no barriers to entry, but there are strong barriers in monopolistic competition. 
In perfect competition there are many firms, but in monopolistic competition there are only a few firms. 
In perfect competition the firms all sell products that are exactly the same, but in monopolistic competition each firm sells a slightly differentiated product. 
In perfect competition there are few consumers, but in monopolistic competition there are many consumers. 

2.

MULTIPLE SELECT QUESTION

45 sec • 5 pts

What differs monopolistic competition from perfect competition?

product differentiation

long-run inefficiency

barriers to entry

the short-run profits and losses possibility

3.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

In monopolistic competition producers....

have a full ability to set prices

have some ability to set prices

have no ability to set prices

4.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

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

5.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

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

Wheat

Restaurant

Automobile

Water service

6.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

What type of products will firms produce in monopolistic competition?

Firms produce significantly differentiated products

Firms produce slightly differentiated products

Firms produce homogenous products with one modification

Firms produce a variety of different products

7.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

How can products be differentiated?

Brand name

Colour

Appearance

Packaging design

All of the above

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