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Unit 2.11 Market power - Monopolistic competition(HL)

Authored by Simon Bloom

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12th Grade

Unit 2.11 Market power - Monopolistic competition(HL)
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is monopolistic competition?

A form of perfect competition

A form of monopoly

A form of oligopoly

A form of imperfect competition

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is one of the assumptions of monopolistic competition?

High barriers to entry

Limited number of buyers and sellers

Identical products

Low concentration ratio

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do firms differentiate their products in monopolistic competition?

By offering unique features

By having high barriers to entry

By selling identical products

By having a limited number of buyers and sellers

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the demand curve faced by firms in monopolistic competition?

Perfectly elastic

Perfectly inelastic

Upward-sloping

Downward-sloping

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to revenue curves in monopolistic competition due to the downward-sloping demand curve?

They overlap

They become vertical

They become horizontal

They separate

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the profit-maximizing condition for firms in monopolistic competition?

Marginal cost equals marginal revenue

Average revenue equals total cost

Marginal cost equals average cost

Average cost equals average revenue

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is normal profit in monopolistic competition?

When total revenue is zero

When total revenue is less than total cost

When total revenue is greater than total cost

When total revenue equals total cost

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