Monopolistic Competition

Monopolistic Competition

12th Grade

•

25 Qs

quiz-placeholder

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Monopolistic Competition

Monopolistic Competition

Assessment

Quiz

•

Social Studies

•

12th Grade

•

Hard

•
DOK Level 3: Strategic Thinking

Standards-aligned

Created by

John Robinson

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 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

2.

MULTIPLE CHOICE QUESTION

1 min • 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. 

3.

MULTIPLE SELECT QUESTION

1 min • 5 pts

What differs monopolistic competition from perfect competition?

product differentiation

long-run inefficiency

barriers to entry

the short-run profits and losses possibility

4.

MULTIPLE CHOICE QUESTION

1 min • 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

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

How might a firm in a monopolistic competition market structure increase its market share?

By reducing production costs

By differentiating its product

By forming a cartel

By lobbying for government protection

Tags

DOK Level 3: Strategic Thinking

6.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

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

Wheat

Restaurant

Automobile

Water service

7.

MULTIPLE CHOICE QUESTION

1 min • 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

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