Question

Question 11 Monopolistic competition features a _____ number of competing firms selling products that are _____....

Question 11

Monopolistic competition features a _____ number of competing firms selling products that are _____.

Group of answer choices

large; identical

small; identical

large; differentiated

small; differentiated

Question 12

In market structures known as _____, a small number of firms dominate.

Group of answer choices

perfect competitions

legal monopolies

natural monopolies

oligopolies

Question 13

Comparing perceived demand curves, a perfect competitor has a _____ a monopolistic competitor.

Group of answer choices

flatter curve than

lower price elasticity of demand relative to

steeper curve than

curve with an identical slope as

Question 14

Comparing perceived demand curves, a monopoly has a _____ a monopolistic competitor.

Group of answer choices

steeper curve than

curve with an identical slope as

flatter curve than

higher price elasticity of demand relative to

Question 15

Comparing perceived demand curves, a monopoly has a _____ a perfect competitor.

Group of answer choices

steeper curve than

curve with an identical slope as

flatter curve than

higher price elasticity of demand relative to

Question 16

A monopolistic competitor wanting to maximize profits will choose to produce at the point where _____.

Group of answer choices

marginal revenue is maximized

marginal revenue is higher than marginal cost

marginal cost is higher than marginal revenue

marginal revenue is equal to marginal cost

Question 17

Refer to the table below

Quantity Price Total Revenue Marginal Revenue Total Cost Marginal Cost Average Cost
5 10 50 -- 100 -- 20
15 9 135 85 200 100 13.33
25 8 200 65 265 65 10.60
35 7 245 45 350 75 10

What quantity will this firm produce in order to maximize profits?

Group of answer choices

35

15

5

25

Question 18

In a monopolistic competitive industry, the entry of a new firm will cause the perceived demand curve for a previously existing firm to _____.

Group of answer choices

shift left

shift right

rotate upward from the x-axis

rotate upward from the y-axis

Question 19

In the context of the Organization of the Petroleum Exporting Countries (OPEC),

Group of answer choices

agreements made are not legally enforceable.

one country can sue another to prevent violating the agreement.

an agreement is in place for countries to operate like perfect competitors.

it is legal for U.S. companies to copy the cartel's behavior.

Question 20

For a two-firm monopoly, known as a _____, the best overall outcome typically arises from _____.

Group of answer choices

duopoly; cooperation

duopoly; non-cooperation

perfect competition; cooperation

perfect competition; non-cooperation

Homework Answers

Answer #1

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