
Monopolistic Competition Quiz
Authored by Cá Vee
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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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