Question 1 (1 point) Which of the following is NOT a characteristic of monopolis

Question

Question 1 (1 point)

Which of the following is NOT a characteristic of monopolistic competition?

Question 1 options:

A significant number of sellers

Advertising

Product differentiation

Barriers to entry into the market

Question 2 (1 point)

A good example of a monopolistic competitive industry is

Question 2 options:

the U.S. auto industry.

the computer game industry.

mining.

the public utility industry.

Question 3 (1 point)

Advertising by monopolistically competitive firms can do all of the following EXCEPT

Question 3 options:

lower the consumer's purchase price.

result in increased profits for the advertising firm.

help differentiate a firm's product.

act as a signal to consumers that the company is serious about staying in business.

Question 4 (1 point)

Products can be differentiated

Question 4 options:

by location and by brand name.

only by brand name.

if the buyers are homogeneous and their number increases.

none of the above

Question 5 (1 point)

The greater the product differentiation between monopolistically competitive firms,

Question 5 options:

the higher the average variable costs.

the lower the price elasticity of demand.

the lower the barriers to entry.

the greater the price elasticity of demand.

Question 6 (1 point)

The two economists associated with the development of the theory of monopolistic competition were

Question 6 options:

Carl Menger and Eugen Von Bohm-Bawerk.

Joan Robinson and Edward Chamberlin.

John Neville Keynes and John Maynard Keynes.

David Hume and Adam Smith.

Question 7 (1 point)

Graphically, how does a monopolistically competitive firm determine its profit-maximizing price?

Question 7 options:

It accepts the price set by the industry-wide forces of supply and demand.

The firm's pricing structure is set by government regulators.

Graphically, it finds the place where MR = MC and charges the price directly to the left of that point.

The firm determines its profit-maximizing output and then charges the price associated with the point on its demand curve directly above that quantity.

Question 8 (1 point)

In the short run, a monopolistically competitive firm

Question 8 options:

always earns positive accounting profits.

can earn positive, negative, or zero economic profits.

always earns positive economic profits.

never earns positive economic profits

Question 9 (1 point)

In the long run, in a monopolistically competitive market, price will be

Question 9 options:

equal to ATC.

greater ATC.

equal to MR.

equal to MC.

Question 10 (1 point)

In a long-run monopolistically competitive equilibrium,

Question 10 options:

P = ATC, and ATC is not at its minimum value.

P = ATC, and ATC is at its minimum value.

P > ATC, and ATC is not at its minimum value.

P > ATC, and ATC is at its minimum value.

A significant number of sellers

Advertising

Product differentiation

Barriers to entry into the market

Explanation / Answer

1.

D. Barriers to entry into the market

as there is no barriers to entry as such in this market due to which there are many sellers in the market like perfect competition.

As per Chegg, we do only first question at a time.

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