Monopolistic competition

HideShow resource information
  • 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
1 of 11

Other questions in this quiz

2. Monopolistically competitive firms have _________ - this is because their products are differentiated.

  • Price taking power
  • Some price making power
  • Price making power

3. Firms in monopolistic competition are only going to make what profit in the long run?

  • Normal profit
  • Abnormal profit

4. Allocative efficiency is being achieved

  • False
  • True

5. In monopolistic competition, is being productive efficiency achieved?

  • Productive efficiency is not being achieved, since in the short run and long run, the firm is operating on the downward-sloping part of the AC curve
  • Productive efficiency is being achieved, since in the short run and long run, the firm is operating at the lowest point of the AC curve

Comments

davidsalter

Report

Take a break from reading with a quick 10 question quiz on monopolistic competition. It may point out your learning needs.

Similar Economics resources:

See all Economics resources »See all Monopoly resources »