Which of the following is not common to perfect competition and monopolistic competition?
answer
Product differentiation
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Which of the following conditions distinguishes perfect competition from monopolistic competition?
answer
homogeneity of the product
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When many sellers are involved in selling their products in a market, the market structure may be which of the following? i. perfect competition, ii. monopolistic competition, iii. monopoly
answer
either (i) or (ii)
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Characteristics shared by monopolistically and perfectly competitive markets alike include:
answer
many sellers.
question
In a monopolistically competitive industry, the competitive element results from ____ and the monopoly element results from ____.
answer
a large number of firms and free entry; product differentiation.
question
In most areas, there are a large number of qualified primary care physicians whose services are highly personalized. In addition to price, factors such as age, sex, location, and personality influence the choice of physician. The primary care physician market is probably:
answer
monopolistically competitive.
question
A monopolistically competitive firm derives its ability to influence price from:
answer
its product, which is differentiated in some way from competing products.
question
Monopolistic competition is characterized by which of the following attributes: i. Many sellers, ii. Product differentiation, iii. Significant barriers to entry
answer
(i) and (ii) only
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Which of the following industries would most likely represent monopolistic competition?
answer
clothing
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Monopolistic competition is characterized by:
answer
a large number of firms selling differentiated products.
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Under monopolistic competition:
answer
there are few barriers to entry.
question
In a monopolistically competitive market:
answer
firms sell differentiated products.
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A monopolistically competitive firm:
answer
tries to differentiate its product from the products of competitors.
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Monopolistic competition is characterized by:
answer
many firms selling slightly different products.
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Monopolistic competition is characterized by:
answer
differentiated products.
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Monopolistic competition is common in
answer
retail selling.
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If toothpaste manufacturers compete in a monopolistically competitive market, then:
answer
firms try to differentiate their products from those of competitors.
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Firms in monopolistically competitive markets can differentiate their products on the basis of:
answer
all of the above.
question
Firms in monopolistically competitive markets can differentiate their products on the basis of:
answer
all of the above.
question
Characteristics of a monopolistically competitive market include all of the following except:
answer
barriers to entry.
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