Monopolistic competition

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

1. Which of these is NOT a characteristic of monopolistic competition

  • Low barriers to entry and exit
  • Good knowledge
  • Non-homogeneous products
  • Firms are price takers
  • Many small buyers and sellers with a small market share
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2. Allocative efficiency is being achieved

  • False
  • True

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

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

4. In monopolistic competition, the demand curve is ?

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

5. Which of these is most similar to monopolistic competition?

  • Local bus services
  • Taxi services
  • Agricultural products
  • Low cost airlines
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davidsalter

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

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