Chapter 9 Sample Quiz - Custom Scholars
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Chapter 9 Sample Quiz

question
Monopolistic Competition
answer
Hair salons in cities are an illustration of...
question
Differentiated products
answer
Firms in a monopolistically competitive industry produce...
question
zero pure economic profits
answer
Monopolistic competitive firms in the long run earn...
question
Produce at the level in which price equals long-run average cost
answer
The theory of monopolistic competition predicts that in long-run equilibrium a monopolistically competitive firm will..
question
Marginal revenue will equal marginal cost at the short run, profit-maximizing level of output; in the long-run, economic profit will be zero.
answer
Which of the following statements best describes the price, output, and profit conditions of monopolistic competition?
question
Economic profit equals zero
answer
Entry of new firms will occur in a monopolistic competitive industry until...
question
There are few firms selling either a homogeneous or differentiated product
answer
An oligopoly is a market structure in which...
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it is difficult to know how firms will react to decisions of rivals
answer
Mutual interdependence among firms in an oligopoly means that...
question
interdependence in pricing decisions
answer
A common characteristic of oligopolies is...
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Long-run average costs shift upward.
answer
Which of the following is an outcome of advertising for a monopolistically competitive firm?
question
If monopolistically competitive firms complete thorough advertising, and if advertising requires sunk-cost investment and creates brand loyalty, than advertising can be an effective entry cost & Advertising may be the only way that a new entrant can penetrate a market dominated by long-established firms
answer
Which of the following is true about advertising?
question
A group of cooperating oligopolists that jointly reduce output and raise price in imitation of a monopolist. When entry is very costly, these high prices can persist.
answer
Which of the following best describes a cartel?
question
Output is smaller and price is higher than under perfect competition.
answer
Which of the following is true about oligopoly equilibrium in comparison with equilibrium under similar circumstances but with perfect competition?
question
Cartel
answer
Which of the following market structures describes an industry in which a group of firms formally agree to control prices and output of a product?
1 of 14
question
Monopolistic Competition
answer
Hair salons in cities are an illustration of...
question
Differentiated products
answer
Firms in a monopolistically competitive industry produce...
question
zero pure economic profits
answer
Monopolistic competitive firms in the long run earn...
question
Produce at the level in which price equals long-run average cost
answer
The theory of monopolistic competition predicts that in long-run equilibrium a monopolistically competitive firm will..
question
Marginal revenue will equal marginal cost at the short run, profit-maximizing level of output; in the long-run, economic profit will be zero.
answer
Which of the following statements best describes the price, output, and profit conditions of monopolistic competition?
question
Economic profit equals zero
answer
Entry of new firms will occur in a monopolistic competitive industry until...
question
There are few firms selling either a homogeneous or differentiated product
answer
An oligopoly is a market structure in which...
question
it is difficult to know how firms will react to decisions of rivals
answer
Mutual interdependence among firms in an oligopoly means that...
question
interdependence in pricing decisions
answer
A common characteristic of oligopolies is...
question
Long-run average costs shift upward.
answer
Which of the following is an outcome of advertising for a monopolistically competitive firm?
question
If monopolistically competitive firms complete thorough advertising, and if advertising requires sunk-cost investment and creates brand loyalty, than advertising can be an effective entry cost & Advertising may be the only way that a new entrant can penetrate a market dominated by long-established firms
answer
Which of the following is true about advertising?
question
A group of cooperating oligopolists that jointly reduce output and raise price in imitation of a monopolist. When entry is very costly, these high prices can persist.
answer
Which of the following best describes a cartel?
question
Output is smaller and price is higher than under perfect competition.
answer
Which of the following is true about oligopoly equilibrium in comparison with equilibrium under similar circumstances but with perfect competition?
question
Cartel
answer
Which of the following market structures describes an industry in which a group of firms formally agree to control prices and output of a product?
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