Question
QUESTION 11 1. Monopolistic competition has three characteristics: a differentiated product, no significant barriers to entry, and few buyers and sellers. True False QUESTION 12
QUESTION 11
1. Monopolistic competition has three characteristics: a differentiated product, no significant barriers to entry, and few buyers and sellers.
True
False
QUESTION 12
1. Price leadership is generally considered an example of which of the following?
A. tacit collusion
B. explicit collusion
C. a tit for tat strategy
D. uncooperative behavior
E. None of these
QUESTION 13
1. Advertising about superior service is an example of nonprice competition.
True
False
QUESTION 14
1. Under both perfect competition and monopolistic competition, price equals minimum average total cost in the long run.
True
False
QUESTION 15
1. Under monopolistic competition, firms operate with _____.
A. average total cost is greater than its minimum possible value
B. marginal revenue equals marginal cost
C. marginal revenue is greater than marginal cost
D. price is greater than marginal revenue
E. marginal cost is greater than average cost
QUESTION 16
1. Both monopoly and monopolistic competition share which of the following features?
A. Downward sloping demand curve
B. No significant barriers to entry or exit
C. Strategic interdependence
D. None of these
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started