Which of the following statements is not correct?

Monopolistic competition is similar to oligopoly because both market structures are characterized by barriers to entry.

Monopolistic competition is similar to monopoly because in each market structure the firm can charge a price above marginal costs.

Monopolistic competition is similar to perfect competition because both market structures are characterized by free entry.

Monopolistic competition is similar to perfect competition because both market structures are characterized by many sellers.

Which of the following statements is not correct?

Both monopolistic competition and perfect competition are characterized by product differentiation.

Monopolistic competition is different from monopoly because monopolistic competition is characterized by free entry, whereas monopoly is characterized by barriers to entry.

Both monopolistic competition and oligopoly fall in between the more extreme market structures of competition and monopoly.

Monopolistic competition is different from oligopoly because each seller in monopolistic competition is small relative to the market, whereas each seller can affect the actions of other sellers in an oligopoly.

Firms in industries that have competitors but do not face so much competition that they are price takers are operating in either a(n)

oligopoly or monopolistically competitive market.

oligopoly or perfectly competitive market.

monopoly or monopolistically competitive market.

An oligopoly is a market in which

there are only a few sellers, each offering a product similar or identical to the products offered by other firms in the market.

the actions of one seller in the market have no impact on the other sellers' profits.

there are many price-taking firms, each offering a product similar or identical to the products offered by other firms in the market.

One key difference between an oligopoly market and a competitive market is that oligopolistic firms

can affect the profit of other firms in the market by the choices they make while firms in competitive markets do not affect each other by the choices they make.

are price takers while competitive firms are not.

sell completely unrelated products while competitive firms do not.

sell their product at a price equal to marginal cost while competitive firms do not.

Which of the following is unique to a monopolistically competitive firm when compared to an oligopoly?

Monopolistic competition features many sellers.

The monopolistically competitive firm advertises.

The monopolistically competitive firm produces a quantity of output that falls short of the socially optimal level.

Monopolistic competition features many buyers.

Which of the following statements is correct?

Monopolistic competition is similar to monopoly because both market structures are characterized by firms being price makers rather than price takers.

Monopolistic competition is similar to perfect competition because both market structures are characterized by differentiated products.

Monopolistic competition is similar to oligopoly because both market structures are characterized by strategic interaction between firms in the market.

Monopolistic competition is similar to perfect competition because both market structures are characterized by perfectly elastic demand curves for firms.

Monopolistic competition differs from perfect competition because in monopolistically competitive markets

each of the sellers offers a somewhat different product.

all firms can eventually earn economic profits.

strategic interactions between firms are important.

Which of the following statements is correct?

Movies are likely to be produced in a monopolistically competitive industry.

Cigarettes are likely to be produced in a monopolistically competitive industry.

Novels are likely to be produced in a monopoly industry.

Milk is likely to be produced in an oligopoly industry.

Which of the following market structures is considered a differentiated products market?

Both a and b are differentiated products markets.

CHAPTER 16

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Specialty

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University

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Practice Problem

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Hard

Linh Nguyen

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monopoly and monopolistic competition

oligopoly and monopolistic competition

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CHAPTER 16

150 questions

Which of the following is a characteristic of monopolistic competition?
a. ownership of a key resource by a single firm
b. free entry
c. identical product
d. patents

The market for novels is
a. perfectly competitive.
b. a monopoly.
c. monopolistically competitive.
d. an oligopoly.

Monopolistic competition is a type of
a. oligopoly.
b. market structure.
c. price discrimination.
d. advertising strategy.

A monopolistically competitive market has characteristics that are similar to
a. a monopoly only.
b. a competitive firm only.
c. both a monopoly and a competitive firm.
d. neither a monopoly nor a competitive firm.

A typical firm in the US economy would be classified as
a. perfectly competitive.
b. imperfectly competitive.
c. a duopolist.
d. an oligopolist.

The typical firm in the US economy
a. has some degree of market power.
b. sells its product for a price that is equal to the marginal cost of producing the last unit.
c. is perfectly competitive.
d. is a monopoly.

Which of the following pairs illustrates the two extreme examples of market structures?

The general term for market structures that fall somewhere between monopoly and perfect competition is
a. incomplete markets.
b. imperfectly competitive markets.
c. oligopoly markets.
d. monopolistically competitive markets.

The two types of imperfectly competitive markets are
a. markets with advertising and markets with price competition.
b. public goods and common resources.
c. oligopoly and monopoly.
d. monopolistic competition and oligopoly.

The two types of imperfectly competitive markets are
a. monopoly and monopolistic competition.
b. monopoly and oligopoly.
c. monopolistic competition and oligopoly.
d. monopolistic competition and cartels.

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CHAPTER 16

150 questions

Which of the following is a characteristic of monopolistic competition?a. ownership of a key resource by a single firmb. free entryc. identical productd. patents

The market for novels isa. perfectly competitive.b. a monopoly.c. monopolistically competitive.d. an oligopoly.

Monopolistic competition is a type ofa. oligopoly.b. market structure.c. price discrimination.d. advertising strategy.

A monopolistically competitive market has characteristics that are similar toa. a monopoly only.b. a competitive firm only.c. both a monopoly and a competitive firm.d. neither a monopoly nor a competitive firm.

A typical firm in the US economy would be classified asa. perfectly competitive.b. imperfectly competitive.c. a duopolist.d. an oligopolist.

The typical firm in the US economya. has some degree of market power.b. sells its product for a price that is equal to the marginal cost of producing the last unit.c. is perfectly competitive.d. is a monopoly.

Which of the following pairs illustrates the two extreme examples of market structures?

The general term for market structures that fall somewhere between monopoly and perfect competition isa. incomplete markets.b. imperfectly competitive markets.c. oligopoly markets.d. monopolistically competitive markets.

The two types of imperfectly competitive markets area. markets with advertising and markets with price competition.b. public goods and common resources.c. oligopoly and monopoly.d. monopolistic competition and oligopoly.

The two types of imperfectly competitive markets area. monopoly and monopolistic competition.b. monopoly and oligopoly.c. monopolistic competition and oligopoly.d. monopolistic competition and cartels.

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Which of the following is a characteristic of monopolistic competition?
a. ownership of a key resource by a single firm
b. free entry
c. identical product
d. patents

The market for novels is
a. perfectly competitive.
b. a monopoly.
c. monopolistically competitive.
d. an oligopoly.

Monopolistic competition is a type of
a. oligopoly.
b. market structure.
c. price discrimination.
d. advertising strategy.

A monopolistically competitive market has characteristics that are similar to
a. a monopoly only.
b. a competitive firm only.
c. both a monopoly and a competitive firm.
d. neither a monopoly nor a competitive firm.

A typical firm in the US economy would be classified as
a. perfectly competitive.
b. imperfectly competitive.
c. a duopolist.
d. an oligopolist.

The typical firm in the US economy
a. has some degree of market power.
b. sells its product for a price that is equal to the marginal cost of producing the last unit.
c. is perfectly competitive.
d. is a monopoly.

The general term for market structures that fall somewhere between monopoly and perfect competition is
a. incomplete markets.
b. imperfectly competitive markets.
c. oligopoly markets.
d. monopolistically competitive markets.

The two types of imperfectly competitive markets are
a. markets with advertising and markets with price competition.
b. public goods and common resources.
c. oligopoly and monopoly.
d. monopolistic competition and oligopoly.

The two types of imperfectly competitive markets are
a. monopoly and monopolistic competition.
b. monopoly and oligopoly.
c. monopolistic competition and oligopoly.
d. monopolistic competition and cartels.