Homework Answers
Question 1 - Option 1
Monopolistic competition involves many firms, each selling its particular version of the product.
Question 2 - Option 4
The demand curve faced by a monopolistically competitive firm is downward-sloping which means it will charge a price that exceeds marginal costs.
Question 3 - Option
Without product differentiation, the demand curve for a monopolistically competitive firm would look like that of a perfectly competitive firm i.e. products with same characteristics.
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Question Completion Status: QUESTION 1 Which of the following characterizes monopolistic competition? Many firms, each producing...
QUESTION 1 Which of the following characterizes monopolistic competition? Many firms, each producing a particular version...
QUESTION 1 Which of the following characterizes monopolistic competition? Many firms, each producing a particular version of a product O Many firms selling an identical product O A few firms, each producing a particular version of a product O A few firms controlling the entire market QUESTION 2 The demand curve faced by a monopolistically competitive firm is O flat kinked. O upward-sloping O downward-sloping QUESTION 3 Without a product differentiation, the demand curve for a monopolistically competitive firm would...
Which of the following conditions distinguishes monopolistic competition from perfect competition?
Which of the following conditions distinguishes monopolistic competition from perfect competition? a. the number of sellers in the market b. the freedom of entry and exit by firms in the market c. the size of firms in the market d. product differentiation A monopolistically competitive firm chooses its a. price and quantity just as a monopoly does. b. quantity but faces a horizontal demand curve just as a competitive firm does. c. price but can sell any quantity at the market price just as an oligopoly does. d. price...
Answer the following questions. 1. Which of the following is a key difference between firms in...
Answer the following questions. 1. Which of the following is a key difference between firms in a perfectly competitive industry and firms in a monopolistically competitive industry? (Choose only one) a) A monopolistically competitive firm does not face entry from other firms. b) A monopolistically competitive firm does not have the exact same product as other firms. c) A monopolistically competitive firm does not choose a level of output where marginal cost is equal to marginal revenue. d) A monopolistically...
Question 7 5 pts Let's say that you know the following information for an oligopoly firm:...
Question 7 5 pts Let's say that you know the following information for an oligopoly firm: Total Revenue equals $200 million. Variable Costs are $170 million. Fixed Costs equal $20 million. The firm is currently producing 2,000 products at the MC = MR point (and the MC curve is rising). What recommendation do you have for this firm? Assuming the firm's costs remain the same, the firm should produce fewer products in order to decrease its marginal costs. The profit...
Monopolistic Competition and Product Differentiation - End of Chapter Problem 1. Use the three conditions for...
Monopolistic Competition and Product Differentiation - End of Chapter Problem 1. Use the three conditions for monopolistic competition discussed in the chapter to decide which of the following firms are likely to be operating as monopolistic competitors. If they are not monopolistically competitive firms, are they monopolists, oligopolists, or perfectly competitive firms? a. A local band that plays for weddings, parties, and other events b. Minute Maid, a producer of individual-serving juice boxes c. Your local dry cleaner d. A...
QUESTION 2 The demand curve faced by a monopolistically competitive firm is: flat. kinked. upward-sloping. downward-sloping...
QUESTION 2 The demand curve faced by a monopolistically competitive firm is: flat. kinked. upward-sloping. downward-sloping QUESTION 3 Without a product differentiation, the demand curve for a monopolistically competitive firm would look like that of: O a monopoly firm. O a perfectly competitive firm. an oligopoly firm. a duopoly firm. QUESTION 4 Aside from advertising, how can monopolistically competitive firms increase demand for their products?! government edict. increasing its price. decreasing its price. Increasing the number of locations where it...
QUESTION 1 Which of the following is not a characteristic of the monopolistic competition market structure?...
QUESTION 1 Which of the following is not a characteristic of the monopolistic competition market structure? Many sellers, each small in size relative to the overall market. Few sellers. Differentiated product. Easy, low-cost entry and exit. QUESTION 2 Which of the following is the best example of a monopolistic competitor? Wheat farmers. Restaurants. Air Canada. General Motors. QUESTION 3 In the long run, both monopolistic competition and perfect competition result in: a wide variety of brand-name choices for consumers. an...
Question 1 1 pts An industry with a large number of relatively small firms producing differentiated...
Question 1 1 pts An industry with a large number of relatively small firms producing differentiated products in a market with easy entry and exit firms is: duopoly. oligopoly. monopoly. monopolistic competition. Question 13 1 pts To practice effective price discrimination, a firm must: have distinguishable customers. match the prices of its competitors. allow others to resell its product. advertise its product.
Please Help Question 9 0.16 pts The gap between the actual quantity produced by a monopolistically...
Please Help
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...
Question 20 10 pts Which of the following statements is false? Monopoly and competition are alike...
Question 20 10 pts Which of the following statements is false? Monopoly and competition are alike in that there is little or no product variety in either type of market. Monopoly and monopolistic competition result in average total cost above the minimum. A monopoly and a monopolistically competitive firm both result in a deadweight loss. Like a competitive firm, a monopolistically competitive firm makes a normal profit in the long run. Monopolistic competition and competition both produce a variety of...
QUESTION 1 Which of the following characterizes monopolistic competition? Many firms, each producing a particular version of a product O Many firms selling an identical product O A few firms, each producing a particular version of a product O A few firms controlling the entire market QUESTION 2 The demand curve faced by a monopolistically competitive firm is O flat kinked. O upward-sloping O downward-sloping QUESTION 3 Without a product differentiation, the demand curve for a monopolistically competitive firm would...
Question 7 5 pts Let's say that you know the following information for an oligopoly firm: Total Revenue equals $200 million. Variable Costs are $170 million. Fixed Costs equal $20 million. The firm is currently producing 2,000 products at the MC = MR point (and the MC curve is rising). What recommendation do you have for this firm? Assuming the firm's costs remain the same, the firm should produce fewer products in order to decrease its marginal costs. The profit...
Monopolistic Competition and Product Differentiation - End of Chapter Problem 1. Use the three conditions for monopolistic competition discussed in the chapter to decide which of the following firms are likely to be operating as monopolistic competitors. If they are not monopolistically competitive firms, are they monopolists, oligopolists, or perfectly competitive firms? a. A local band that plays for weddings, parties, and other events b. Minute Maid, a producer of individual-serving juice boxes c. Your local dry cleaner d. A...
QUESTION 2 The demand curve faced by a monopolistically competitive firm is: flat. kinked. upward-sloping. downward-sloping QUESTION 3 Without a product differentiation, the demand curve for a monopolistically competitive firm would look like that of: O a monopoly firm. O a perfectly competitive firm. an oligopoly firm. a duopoly firm. QUESTION 4 Aside from advertising, how can monopolistically competitive firms increase demand for their products?! government edict. increasing its price. decreasing its price. Increasing the number of locations where it...
Question 1 1 pts An industry with a large number of relatively small firms producing differentiated products in a market with easy entry and exit firms is: duopoly. oligopoly. monopoly. monopolistic competition. Question 13 1 pts To practice effective price discrimination, a firm must: have distinguishable customers. match the prices of its competitors. allow others to resell its product. advertise its product.
Please Help
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...
Question 20 10 pts Which of the following statements is false? Monopoly and competition are alike in that there is little or no product variety in either type of market. Monopoly and monopolistic competition result in average total cost above the minimum. A monopoly and a monopolistically competitive firm both result in a deadweight loss. Like a competitive firm, a monopolistically competitive firm makes a normal profit in the long run. Monopolistic competition and competition both produce a variety of...
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