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W7 Quiz 100%

W7 Quiz 100%

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Attempt 1

Written: Mar 16, 2021 10:06 PM - Mar 16, 2021 10:08 PM

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Question 1

10 / 10 points

Monopolistic competition is an industry characterized by a:

Question options:

small number of firms producing identical products, with barriers to entry for firms.

small number of firms producing similar products, with relatively easy entry for firms.

large number of firms producing similar products, with relatively easy entry for firms.

large number of firms producing identical products, with relatively easy entry for firms.

Question 2

Imperfect competition is:

Question options:

a market structure with no more than one firm in the industry.

an industry in which all firms are price takers.

a market structure where firms have a degree of monopoly power.

described by all of the above.

Question 3

Imperfect competition includes:

Question options:

monopolistic competition and oligopoly.

monopolistic competition and monopoly.

perfect competition and monopoly.

monopoly and oligopoly.

Question 4

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A firm in monopolistic competition maximizes its profit by

producing at the level at which:

Question options:

MC = ATC.

MC = AR.

MC = P.

MC = MR.

Question 5

An industry characterized by many firms, producing similar but

differentiated products, in a market with easy entry and exit is

called:

Question options:

perfect competition.

monopoly.

monopolistic competition.

oligopoly.

Question 6

An oligopoly knows that its _______ affect(s) its _______ and that

the _______ of its rivals will affect it.

Question options:

actions; rivals; reactions

price changes ; total revenue in a positive way; reactions

actions rarely; rivals; actions

price increases; total revenue in the long run only; large but not small price changes

Question 7

A concentration ratio is used to measure:

Question options:

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Attempt 1 Written: Mar 16, 2021 10:06 PM - Mar 16, 2021 10:08 PM Submission View Your quiz has been submitted successfully. 10 / 10 points Monopolistic competition is an industry characterized by a: Question options: small number of firms producing identical products, with barriers to entry for firms. small number of firms producing similar products, with relatively easy entry for firms. large number of firms producing similar products, with relatively easy entry for firms. large number of firms producing identical products, with relatively easy entry for firms. Question 2 Imperfect competition is: Question options: a market structure with no more than one firm in the industry. an industry in which all firms are price takers. a market structure where firms have a degree of monopoly power. described by all of the above. Question 3 Imperfect competition includes: Question options: monopolistic competition and oligopoly. monopolistic competition and monopoly. perfect competition and monopoly. monopoly and oligopoly. Question 4 A firm in monopolistic competition maximizes its profit by producing at the level at which: Question options: MC = ATC. MC = AR. MC = P. MC = MR. Question 5 An industry characterized by many firms, producing similar but differentiated products, in a market with easy entry and exit is called: Question options: perfect competition. monopoly. monopolistic competition. oligopoly. Question 6 An oligopoly knows that its _______ affect(s) its _______ and ...
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