Other questions in this quiz

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

  • Non-price competition
  • Price competition

3. Allocative efficiency is being achieved

  • False
  • True

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

  • Non-homogeneous products
  • Good knowledge
  • Many small buyers and sellers with a small market share
  • Firms are price takers
  • Low barriers to entry and exit

5. What is monopolistic competition?

  • Monopolistic competition is a market structure with many firms producing a differentiated product where there are few barriers to entry and exit
  • Monopolistic competition is a market structure with a single firm in the industry

Comments

davidsalter

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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