Monopolistic Competition Quiz

Monopolistic Competition Quiz

University

20 Qs

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Monopolistic Competition Quiz

Monopolistic Competition Quiz

Assessment

Quiz

Other

University

Practice Problem

Hard

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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes monopolistic competition?

One seller, unique product

Few sellers, identical products

Many sellers, identical products

Many sellers, differentiated products

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In monopolistic competition, firms sell:

Perfect substitutes

Homogeneous goods

Differentiated products

Public goods

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A major feature of monopolistic competition is:

High barriers to entry

Government price setting

Product differentiation

Price-taking behavior

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the short run, a monopolistically competitive firm behaves like:

A perfectly competitive firm

A monopoly

A price taker

A government-regulated firm

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the long run, the monopolistically competitive firm earns:

Positive economic profit

Zero economic profit

Negative economic profit

Constant marginal cost

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why does economic profit fall to zero in the long run?

Government taxation

Rising marginal costs

Entry of new firms

Falling consumer demand

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The demand curve for a monopolistically competitive firm is:

Horizontal

Vertical

Perfectly elastic

Downward sloping

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