Chapter 13: Monopolistic Competition - Custom Scholars
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Chapter 13: Monopolistic Competition

question
monopolistic competition
answer
A market structure in which barriers to entry are low and many firms compete by selling similar, but not identical, products.
question
If a firm faces a downward-sloping demand curve
answer
it must reduce its price to sell more units
question
A monopolistic competitive firm faces a downward sloping demand curve because
answer
Of product differentiation
question
For a monopolistically competitive firm, marginal revenue
answer
is less than the price
question
If the demand curve for a firm is downward-sloping, it's marginal revenue curve
answer
Will lie below the demand curve
question
A monopolistically competitive firm maximizes profit where
answer
price > marginal cost.
question
What is the profit-maximizing rule for a monopolistically competitive firm?
answer
to produce a quantity such that marginal revenue equals marginal cost
question
A monopolistically competitive industry that earns economic profits in the short run will
answer
experience the entry of new rival firms into the industry in the long run.
question
How does the long-run equilibrium of a monopolistically competitive industry differ from that of a
perfectly competitive industry?
answer
A firm in monopolistic competition does not take full advantage of its economies of scale but a firm in
perfect competition produces at the lowest average cost possible.
question
For allocative efficiency to hold
answer
price must equal the marginal cost of the last unit produced.
question
If a firm has excess capacity, it means
answer
that the firm is not producing its minimum efficient scale of output
question
In contrast with perfect competition, excess capacity characterizes monopolistic competition. Excess
capacity is due to which of the following?
answer
Monopolistically competitive firms face downward-sloping demand curves. In the long run, firms
produce where their demand curves are tangent to their long-run average total cost curves.
question
trademark
answer
a distinguishing attribute such as a sign or logo that allows a firm to uniquely identify its product.
question
franchise
answer
a firm with the legal right to sell a good or service in a particular area.
question
Marketing
answer
all the activities necessary for a firm to sell a product to a consumer
question
brand management
answer
the actions of a firm intended to maintain the differentiation of a product over time
1 of 16
question
monopolistic competition
answer
A market structure in which barriers to entry are low and many firms compete by selling similar, but not identical, products.
question
If a firm faces a downward-sloping demand curve
answer
it must reduce its price to sell more units
question
A monopolistic competitive firm faces a downward sloping demand curve because
answer
Of product differentiation
question
For a monopolistically competitive firm, marginal revenue
answer
is less than the price
question
If the demand curve for a firm is downward-sloping, it's marginal revenue curve
answer
Will lie below the demand curve
question
A monopolistically competitive firm maximizes profit where
answer
price > marginal cost.
question
What is the profit-maximizing rule for a monopolistically competitive firm?
answer
to produce a quantity such that marginal revenue equals marginal cost
question
A monopolistically competitive industry that earns economic profits in the short run will
answer
experience the entry of new rival firms into the industry in the long run.
question
How does the long-run equilibrium of a monopolistically competitive industry differ from that of a
perfectly competitive industry?
answer
A firm in monopolistic competition does not take full advantage of its economies of scale but a firm in
perfect competition produces at the lowest average cost possible.
question
For allocative efficiency to hold
answer
price must equal the marginal cost of the last unit produced.
question
If a firm has excess capacity, it means
answer
that the firm is not producing its minimum efficient scale of output
question
In contrast with perfect competition, excess capacity characterizes monopolistic competition. Excess
capacity is due to which of the following?
answer
Monopolistically competitive firms face downward-sloping demand curves. In the long run, firms
produce where their demand curves are tangent to their long-run average total cost curves.
question
trademark
answer
a distinguishing attribute such as a sign or logo that allows a firm to uniquely identify its product.
question
franchise
answer
a firm with the legal right to sell a good or service in a particular area.
question
Marketing
answer
all the activities necessary for a firm to sell a product to a consumer
question
brand management
answer
the actions of a firm intended to maintain the differentiation of a product over time
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