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Question 9 0.16 pts The gap between the actual quantity produced by a monopolistically competitive firm and the optimal quantity in a competitive market is known as inefficient scale. insufficient capacity. flux capacity O markup. excess capacity Question 10 0.16 pts We could state correctly that the minimum characteristic necessary to distinguish among price-making firms is O price discrimination. the number of firms in the industry. whether they produce industrial or consumer products. O product differentiation. O the level of the concentration ratio. Question 11 0.16 pts Monopolistic competition means that O oligopoly firms collude until they become monopolies firms are in perfect competition, but they collude similar to monopolies. O firms have downward-sloping demand. O firms are in a monopoly, but they compete. O firms differentiate their output, which makes them price makers, but barriers to entry are low or nonexistent.

Question 12 0.16 pts If all monopolistically competitive firms had identical cost curves, then O the industry would remain monopolistically competitive because of product differentiation O the industry would become perfectly competitive. O long-run profit for each firm would be positive. excessive brand proliferation would result. short-run profit for each firm would be negative.

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Answer #1

9. Ans: Excess capacity

Explanation:

Excess capacity refers to a situation where a firm is producing at a lower scale of output than it has been designed for.

10. Ans: Product differentiation

Explanation:

By producing slightly different product the firms in a monopolistically competitive market can charge different price for their product.

11. Ans: Firms differentiate their output, which makes them price makers, but barriers to entry are low or nonexistent

12. Ans: The industry would remain monopolistically competitive because of product differentiation

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