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Which of the following is not one of the characteristics of a monopolistically competitive industry?

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1.

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Which of the following is not characteristic of monopolistic competition?

A.

relatively large numbers of sellers

B.

product differentiation

C.

production at minimum ATC in the long-run

D.

relatively easy entry to the industry

2.

A monopolistically competitive industry combines elements of both competition and monopoly. It is correct to say that the competitive element results from:

A.

a relatively large number of firms and the monopolistic element from product differentiation.

B.

product differentiation and the monopolistic element from high entry barriers.

C.

a perfectly elastic demand curve and the monopolistic element from low entry barriers.

D.

a highly inelastic demand curve and the monopolistic element from advertising and product promotion.

3.

The demand curve of a monopolistically competitive producer is:

A.

less elastic than that of either a pure monopolist or a purely competitive seller.

B.

less elastic than that of a pure monopolist, but more elastic than that of a purely competitive seller.

C.

more elastic than that of a pure monopolist, but less elastic than that of a purely competitive seller.

D.

more elastic than that of either a pure monopolist or a purely competitive seller.

4.


Which of the following is not one of the characteristics of a monopolistically competitive industry?

R-1 F25030

Refer to the above diagram for a monopolistically competitive firm in short-run equilibrium. This firm's profit-maximizing price will be:

5.


Which of the following is not one of the characteristics of a monopolistically competitive industry?

R-1 F25030

Refer to the above diagram for a monopolistically competitive firm in short-run equilibrium. The profit-maximizing output for this firm will be:

6.


Which of the following is not one of the characteristics of a monopolistically competitive industry?

R-1 F25030

Refer to the above diagram for a monopolistically competitive firm in short-run equilibrium. This firm will realize an economic:

7.


Which of the following is not one of the characteristics of a monopolistically competitive industry?

R-2 F25037

Refer to the above diagrams, which pertain to monopolistically competitive firms. Short-run equilibrium entailing economic loss is shown by:

D.

both diagrams a and c.

8.

Which of the following is not one of the characteristics of a monopolistically competitive industry?

R-3 F25045

In long-run equilibrium the firm shown in the diagram above will:

D.

realize an economic profit.

9.

Which of the following is not one of the characteristics of a monopolistically competitive industry?

R-3 F25045

In long-run equilibrium, production for the firm shown in the diagram above is:

A.

greater than would occur under pure competition.

B.

less efficient than in a purely competitive market.

C.

more efficient than in a purely competitive market.

10.

When a monopolistically competitive firm is in long-run equilibrium:

B.

MR = MC and minimum ATC > P.

C.

MR > MC and P = minimum ATC.

D.

MR = MC and P > minimum ATC.

11.

In monopolistically competitive markets resources are:

A.

overallocated because long-run equilibrium occurs where price exceeds marginal cost.

B.

underallocated because long-run equilibrium occurs where price exceeds marginal cost.

C.

overallocated because long-run equilibrium occurs where marginal cost exceeds price.

D.

underallocated because long-run equilibrium occurs where marginal cost exceeds price.

12.

In long-run equilibrium a monopolistically competitive firm will:

A.

earn an economic profit.

B.

realize all economies of scale.

C.

equate price and marginal cost.

D.

have excess production capacity.

Which of the following is not one of the characteristics of a monopolistically competitive industry?
This is the end of the test. When you have completed all the questions and reviewed your answers, press the button below to grade the test.

Which of the following is not a characteristic of a monopolistically competitive industry?

Monopolistic competition is a market structure where there are large number of sellers selling differentiated products. There is also no barriers to entry. Every body can fix the price as per their choice. Hence, abnormal profits in the long run is not a characteristic of a monopolistically competitive market.

Which of the following are characteristics of a monopolistically competitive industry?

The following are the characteristics of a monopolistic market:.
Single supplier. A monopolistic market is regulated by a single supplier. ... .
Barriers to entry and exit. ... .
Profit maximizer. ... .
Unique product. ... .
Price discrimination..

What is not a characteristic of a monopolistic market?

The correct answer is: c. Free entry and exit are not characteristics of a monopoly.

What are the 4 characteristics of monopolistic?

Characteristics of Monopolistic Competition.
Low Barriers to Entry. In monopolistic competition, one firm does not monopolize the market and multiple companies can enter the market and all can compete for a market share. ... .
Product Differentiation. ... .
Pricing. ... .
Demand Elasticity..

characteristics monopolistically competitive industry

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