Monopolistic compete is comparable to perfect competition since firms in both market structures:a. Are price takersb. Develop goods that space perfect substitutesc. Uncover it helpful to advertised. Perform not face any type of barriers to entry come the industry in the lengthy run


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Which of the complying with industries is MOST likely to be monopolistically competitive?a. Auto productionb. Fresh bagel shopsc. Corn farmingd. Electrical utility production
An example of monopolistic compete is the ____ industry.a. Restaurantb. Soft-drinkc. Automobiled. Airline
The wedding dress industry is monopolistically competitive. As a result:a. Countless dress service providers all sell identical productsb. Dresses tend to be differentiated amongst the numerous sellers serving this marketc. The has freedom of entry however not exitd. Prices often tend to be lower than if the dress sector approximated perfect competition.
For the monopolistically compete wild-caught seafood market, the demand curve for any type of individual firm is ____, and there space ____ producers of seafood.a. Downward-sloping; fewb. Upward-sloping; manyc. Vertical; fewd. Downward-sloping; many
The downward-sloping demand curve for a monopolistically vain firm:a. Reflects product differentiationb. Eventually will end up being perfectly elastic as an ext firms enterc. Indicates collusion among firms in the industryd. Ensures the the firm will create at minimum average cost in the lengthy run
Because most neighborhoods have a huge number of similar but not the same substitutes, the market or chiropractors is best considered come be:a. One oligopolyb. Perfect competitionc. Monopolistically competitive d. A monopoly
Which that the complying with is no a properties of monopolistic competition?a. Product differentiationb. Lack of obstacles to entry and also exit in the lengthy runc. Many completing producersd. Tacit collusion
A typical example the monopolistic competition is the market for:a. Orangesb. 1-inch nailsc. Automobilesd. Gas stations
The resources of product differentiation carry out NOT include:a. Differences in locationd. Distinctions in qualityc. The tardy by consumer that produces are different, also if they are physically identicald. Consumers" value in uniformity
The demand curve because that a certain in monopolistic compete is ____ dealing with a perfectly competitive firm.a. Downward-sloping, unequal the horizontal need curveb. Horizontal, uneven the downward-sloping need curvec. Horizontal, the very same as thatd. Downward-sloping, the very same as that
If a monopolistically competitive firm is producing the profit-maximizing level the output and also i earning an economic profit in the short run:a. Price is much less than average complete costsb. Price is much less than marginal costc. Marginal revenue is much less than marginal costd. Marginal revenue amounts to marginal cost
(Figure: Monopolistic Competitor) If the firm presented in the figure Monopolistic competitor maximizes the returns, that will:a. Earn a positive financial profitb. Rest evenc. Incur a lossd. Incur a loss equal to that MR
In the lengthy run, monopolistic rivals will:a. Earn zero financial profitsb. Develop at the minimum of their ATC curvesc. Collection price where MC=MRd. Collude with other firms
(Figure: Monopolistic Competitor) If the firm displayed in the figure Monopolistic challenger produces in ~ its profit-maximizing level, it will produce:a. Through excess capacity, due to the fact that its ns is greater than MCb. There is no excess capacity, due to the fact that P is better than ATCc. With excess capacity, due to the fact that that output level is ~ above the downward-sloping part of the ATC curved. Without excess capacity, due to the fact that that output level is on the downward-sloping portion of the mr curve
(Figure: Monopolistic compete VI) The figure Monopolistic Competition using illustrates a firm in the ____; in the ____, the demand and marginal revenue curve will change to the ____.a. Quick run; long run; rightb. Lengthy run; short run; leftc. Short run; long run; leftd. Long run; short run; right
(Figure: Monopolistic compete VI) In the number Monopolistic compete VI, in the lengthy run firms will:a. Enter this industry until all firms earn a zero financial profitb. Departure this sector until all remaining firms earn a zero financial profitc. Enter this market, resulting in excess benefit for all of the firmsd. Exit this market, leading to excess profit for every one of the continuing to be firms
In long-run equilibrium, a certain in monpolistic compete is similar to a monopoly because it:a. Earns no financial profitb. Fees a price same to marginal costc. Fees a price better than marginal costd. Charges a price same to average total cost
Which that the following is TRUE of firms in both perfect competition and monopolistic competition?a. The long-run price is equal to marginal revenue, marginal cost, and average complete costb. Long-run economic profits are equal come zeroc. The long-run level of output is at the allude where average full cost is minimizedd. Price is same to marginal cost, ensuring the the effective level of calculation is produced
In long-run equilibrium in monopolistic competition:a. Price is greater than average total costb. Price is equal to average complete cost at an output below where average full cost is minimizedc. Price is same to average total cost at its minimumd. Price is same to average total cost at an output above where average total cost is minimized
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