A. monopolistic competition
B. Competitively monopolistic
C. Duopoly
D. Oligopoly
Related Mcqs:
- An industry that has a relatively small number of firms that dominate the market is called ?
A. a colluding industry
B. a merged industry
C. a concentrated industry
D. a natural monopoly - If an input necessary for production is in limited supply so that an expansion of the industry raises costs for all existing firms in the market, then the long-run market supply curve for a good could be ?
A. perfectly inelastic
B. perfectly elastic
C. upward sloping
D. downward sloping - If all firms in a market have identical cost structures and if inputs used in the production of the good in that market are readily available, then the long-run market supply curve for that good should be ?
A. downward sloping
B. perfectly inelastic
C. upward sloping
D. perfectly elastic - A form of industry structure characterized by a few firms, each large enough to influence market price is ?
A. perfect competition
B. monopolistic competition
C. oligopoly
D. monopoly - If two firms doing the same thing in the same industry join together, this is known as a ?
A. vertical merger
B. horizontal merger
C. conglomerate merger
D. hostile takeover - A market structure in which many firms sell products that are similar but not identical is known as ?
A. monopolistic competition
B. monopoly
C. perfect competition
D. oligopoly - Which of the following is true regarding the production and pricing decisions of monopolistically competitive firms? Monopolistically competitive firms choose the quantity at which marginal cost equals ?
A. marginal revenue and then use the demand curve to determine the price consistent with this quantity
B. average total cost and then use the supply curve to determine the price consistent with this quantity
C. marginal revenue and then use the supply curve to determine the price consistent with this quantity
D. average total cost and then use the demand curve to determine the price consistent with this quantity - Which of the following is true with regard to monopolistically competitive firms scale of production and pricing decisions Monopolistically competitive firms produce ?
A. at the efficient scale and charge a price equal to marginal cost
B. at the efficient scale and charge a price above marginal cost
C. With excess capacity and charge a price above marginal cost
D. With excess capacity and charge a price equal to marginal cost - When you consume good Q, not only do you benefit form consuming the good but other people benefit from your consumption as well, if firms produce good Q where P = MC, firms will be producing ?
A. less than the efficient level of output
B. more than the efficient level of output
C. so that consumer surplus is zero
D. the efficient level of output - In monopolistic competition of firms are making abnormal profit other firms will enter and ?
A. The marginal cost will shift outwards
B. the demand curve will shift inwards
C. The average cost will shift downwards
D. The average variable cost will increase
