Monopolistic competition

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  • Created by: Jade
  • Created on: 01-12-12 12:41

1. Non-price competition is competition between firms on the basis, of, for example, branding, customer service, location, range of products, advertising are indicative of how firms seek to gain market share.

  • True
  • False
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2. Firms in monopolistic competition are only going to make what profit in the long run?

  • Normal profit
  • Abnormal profit

3. Allocative efficiency is being achieved

  • False
  • True

4. Given the product differentiation, it should be clear that firms in monopolistic competition compete through ?

  • Non-price competition
  • Price competition

5. In monopolistic competition, the demand curve is ?

  • Relatively inelastic
  • Relatively elastic
  • Perfectly inelastic
  • Perfectly elastic




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