Other questions in this quiz

2. Allocative efficiency is being achieved

  • False
  • True

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

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

4. In both short run and long run - in terms of allocative efficiency...

  • P>MC
  • P=MC
  • P

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

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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