1. Which of these is NOT a characteristic of monopolistic competition
- Good knowledge
- Firms are price takers
- Non-homogeneous products
- Low barriers to entry and exit
- Many small buyers and sellers with a small market share
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2. Allocative efficiency is being achieved
3. Monopolistically competitive firms have _________ - this is because their products are differentiated.
- Price taking power
- Some price making power
- Price making power
4. In both short run and long run - in terms of allocative efficiency...
5. 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.
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