AP Microeconomics: Unit 4 Progress Check - Custom Scholars
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AP Microeconomics: Unit 4 Progress Check

question
what is a characteristic that is specific to monopolistic competition?
answer
act independently in setting price and output
question
why are imperfectly competitive markets inefficient?
answer
Price is greater than marginal cost.
question
what is a characteristic that is specific to imperfectly competitive markets?
answer
Firms must lower their product prices to sell additional units.
question
what does the average total cost do in a natural monopoly?
answer
The average total cost decreases throughout the entire effective demand.
question
how many firms are there in a monopolistically competitive market?
answer
large number of firms
1 of 5
question
what is a characteristic that is specific to monopolistic competition?
answer
act independently in setting price and output
question
why are imperfectly competitive markets inefficient?
answer
Price is greater than marginal cost.
question
what is a characteristic that is specific to imperfectly competitive markets?
answer
Firms must lower their product prices to sell additional units.
question
what does the average total cost do in a natural monopoly?
answer
The average total cost decreases throughout the entire effective demand.
question
how many firms are there in a monopolistically competitive market?
answer
large number of firms

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