Micro Econs_Chap 14

Micro Econs_Chap 14

University

15 Qs

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Micro Econs_Chap 14

Micro Econs_Chap 14

Assessment

Quiz

Social Studies

University

Practice Problem

Medium

Created by

Linh Cao

Used 25+ times

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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Monopolistic competition is a market in which ________ firms produce ________ goods and services.

many; identical

many; differentiated

few; differentiated

few; identical

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In monopolistic competition, a firm has some ability to affect the price for its product because of

easy entry and exit.

economic profits.

product differentiation.

many competitors.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Monopolistic competition differs from monopoly because in monopolistic competition

firms maximize profits.

firms set marginal revenue equal to marginal cost to maximize profit.

firms are free to enter and exit.

All of the answers are differences between monopoly and monopolistically competitive firms.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A monopolistically competitive firm and a perfectly competitive firm are alike because both types of firms

I.    face downward sloping demand curves.

II.  have marginal revenue curves that lie beneath their demand curves.

III. can make only zero economic profit in the long run.

I and II

I and III

III only

I only

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Firms in monopolistic competition can achieve product differentiation by

expanding plant size.

exploiting economies of scale in production.

advertising special characteristics.

setting the price equal to average revenue.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A monopolistically competitive firm

cannot make a positive economic profit in the long run because of entry.

can make a positive economic profit in the long run because it sells a differentiated good.

can make a positive economic profit in the long run because there are only a few firms in the industry.

cannot make a positive economic profit in the long run because it sells a homogeneous good.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A monopolistically competitive firm is like a monopoly firm insofar as

both face perfectly elastic demand.

both earn an economic profit in the long run.

both have MR curves that lie below their demand curves.

neither is protected by high barriers to entry.

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