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Please read the following: chapter 26 1. After carefully reading each question, mark your answers in the appropriate spaces in the on-line testing system at www.agu.edu. 2. Submit any inquiries through "Contact Us" on the webpage, or by contacting Student Services at studentservices@agu.edu. MULTIPLE CHOICE: Question 1: Which of the following characterizes monopolistic competition? (a) Many interdependent firms sell a homogeneous product ) A few firms produce all of the market supply of a good (c ) A few firms produce a particular type of product (d) Many firms produce a particular type of product, but each maintains some independent control over its own price Question 2: In monopolistic competition, a firm: (a) Has a downward-sloping demand curve (b) Captures significant economies of scale (c) Has no market power (d) Has a standardized product that all firms produce Question 3: Which of the following industries is not an example of monopolistic competition? (a) Pizza delivery (b ) Notebook computers (c) Toys (d) Airlines Question 4: If there are many firms in an industry producing goods that are similar but slightly different, this is an example of: (a) Monopoly (b) Perfect competition (c) Monopolistic competition (d) OligopolyQuestion 5: The combined market share of the top four firms in a monopolistically competitive industry will typically be in the range of: (a) Zero to 2 percent (b ) 20 to 40 percent (c) 70 to 100 percent (d) Zero to 5 percent Question 6: A major difference between oligopoly and monopolistic competition is that oligopolies do not: a) Have many competitors (b) Have high barriers to entry (c) Have high concentration ratios (d) Confront a downward-sloping demand curve Question 7: Each producer in monopolistic competition has: (a) No market power Complete market power Substantial market power Some market power Question 8: The demand curve faced by a monopolistically competitive firm is: (a) Kinked Flat Upward-sloping (d) Downward-sloping Question 9: Entry into a market characterized by monopolistic competition is generally: (a) More difficult than entry into monopolized markets (b ) Entirely blocked by existing firms ( C ) Very easy because few barriers exist (d) As difficult as in oligopoly Question 10: Which of the following most characterizes monopolistic competition? (a) Economies of scale ( b ) Product differentiation Price leadership (d) Price discrimination Question 11: Cross price elasticity measures: (a) How complements and substitutes differ from one another The change in quantity demanded when income changes The change in quantity demanded for one good relative to a change in the price of another good (d) How sensitive quantity demanded is to a change in priceQuestion 12: Firms in a monopolistically competitive market will: (a) Use the profit-maximizing rule MC = MR (b) Produce efficiently (c ) Produce at the minimum of ATC (d) Make economic profits in the long run Question 13: Entry into a market characterized by monopolistic competition: (a) Is frequent because barriers to entry are low (b ) Occurs when a firm's demand is everywhere below its long-run average cost curve (c ) Results from economies of scale (d) Is rare because firms have market power Question 14: In a monopolistically competitive market with negative economic profits: (a) Firms will enter until accounting profits are zero ( ) Firms will enter until economic profits are zero No entry or exit will occur Firms will exit until economic profits are zero Question 15: Which of the following characterizes monopolistic competition? (a) Retaliation ( b ) Marginal cost pricing ( c ) Zero long-run profit (d) Price leadership Question 16: In the short run, a monopolistically competitive firm: (a) Produces at a rate at which long-run average cost equals price, but not at which long-run marginal cost equals marginal revenue ( b ) Makes profits just as it does in the long run because entry is blocked (c ) May make economic profits, but it fails to make economic profits in the long run because of the entry of new firms (d) May make profits just as it does in the long run because firms can enter easily Question 17: Which of the following is true about a monopolistically competitive industry? (a) Marginal cost pricing occurs ( b ) Resources are allocated efficiently ( c ) It produces at the minimum of ATC There is excess capacityQuestion 18: Marginal cost pricing means that: (a) Goods are offered for sale at prices equal to marginal cost (b) Firms produce where marginal cost equals marginal revenue (c) Firms produce where marginal cost equals zero (d) Goods are offered for sale at prices equal to average total cost Question 19: In monopolistic competition, a firm: (a) Uses nonprice competition ( b ) Faces a horizontal demand curve Has no market power (d) Uses marginal cost pricing Question 20: All of the following are examples of nonprice competition except: (a) Advertising ( b ) Quality differences (c) Zero economic profit (d) Differentiation of service Question 21: Which of the following is true about advertising? (a) It is a form of nonprice competition (b) It is less important than price competition in oligopolistic and monopolistic competition (c) It is a major component of competition in perfectly competitive markets (d) It is an efficient form of competition Question 22: Which of the following is not an example of nonprice competition in the airline market? (a) A low concentration ratio ( b ) More on-time flights (c) Increased frequency of flights (d) Advertising on the radio Question 23: The In the News article titled Selling "Pure Water": A SBillion Scam? refers to the use of advertising. Successful advertising can do all of the following except: (a) Maximize efficiency ( b ) Create brand loyalty Decrease the price elasticity of demand for the product (d) Differentiate productsQuestion 24: Refer to the In the News article titled The Cola Wars: It's Not All Taste. Firms in a monopolistically competitive industry, such as the soft drink market, are likely to: (a) Attempt to reduce market power (b) Advertise to create brand loyalty (C) Meet together to set prices (d) Behave exactly like a monopoly Question 25: According to the In the News article titled Starbucks Ups the Price of Iced Drinks, Starbucks raised the price of iced coffee, frappuccinos, and other cold drinks. When it chose to up the prices, Starbucks was: (a) Losing sales to its competitors and therefore needed higher prices to maintain revenue ( b ) Relying on very elastic demand (c) Relying on the economy to improve in order to offset the loss in sales as a result of the price hikes (d) Relying on brand loyalty to prevent a significant loss in sales