A. When firms are not profit maximisers
B. When firms have some control over price and competition
C. When the consumption of the good involves an external benefit
D. Whenever firms are losing money.
Related Mcqs:
- All of the following are types of imperfect competition except ?
A. monopolistic competition
B. oligopoly
C. monopoly
D. unfair competition - Unemployment resulting from imperfect information in the labour market is called ____ unemployment?
A. Frictional
B. natural
C. real-wage
D. disequilibrium - GDP per head may be an imperfect measure of economic welfare because it excludes ?
A. the value of leisure
B. Externalities
C. Untraded goods
D. Change in the distribution of income
E. All of the above - According to the _____ argument for protection, tariffs can shield new industries from import competition until they have grown strong and efficient enough to withstand the competition by foreign producers ?
A. scientific tariff argument
B. infant industry argument
C. beggar they neighbor argument
D. foreign dumping argument - Monopolistic competition differs from perfect competition primarily because ?
A. in monopolistic competition entry into the industry is blocked
B. in monopolistic competition there are relatively few barriers to entry.
C. in monopolistic competition, firms can differentiate their products
D. in perfect competition firms can differentiate their products - The long-run equilibrium outcomes in monopolistic competition and perfect competition are similar because in both market structures ?
A. the efficient output level will be produced in the long run
B. firms will only earn a normal profit
C. firms realize all economies of scale
D. firms will be producing at minimum average cost - The use of word “competition” in the name of the market structure called “monopolistic competition” refers to the fact that ?
A. there are many sellers in a monopolistically competitive market and there is free entry and exit in the market just like a competitive market
B. Monopolistically competitive firms face a downward-sloping demand curve just like competitive firms.
C. Monopolistically competitive firms charge prices equal to the minimum of their average total cost just like competitive firms.
D. The products are differentiated in a monopolistically competitive market just like in a competitive market. - Antimonopoly legislation is undertaken to ____ competition and market regulation is undertaken to ____ competition ?
A. restrict; promote
B. restrict; restrict
C. promote; promote
D. promote; restrict - Technological advances, shifts in consumer tastes, and increased competition all of which reduce demand for a product are typical of which stage in the PLC ?
A. decline stage
B. introduction stage
C. growth stage
D. maturity stage - The advantages of audience selectivity no ad competition and personalization apply to which type of media ?
A. Newspapers
B. Television
C. Direct Mail
D. Radio
