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20 terms

Econ test 3 ch. 9

title
STUDY
PLAY
Which of the following is not common to perfect competition and monopolistic competition?
Product differentiation
Which of the following conditions distinguishes perfect competition from monopolistic competition?
homogeneity of the product
When many sellers are involved in selling their products in a market, the market structure may be which of the following? i. perfect competition, ii. monopolistic competition, iii. monopoly
either (i) or (ii)
Characteristics shared by monopolistically and perfectly competitive markets alike include:
many sellers.
In a monopolistically competitive industry, the competitive element results from ____ and the monopoly element results from ____.
a large number of firms and free entry; product differentiation.
In most areas, there are a large number of qualified primary care physicians whose services are highly personalized. In addition to price, factors such as age, sex, location, and personality influence the choice of physician. The primary care physician market is probably:
monopolistically competitive.
A monopolistically competitive firm derives its ability to influence price from:
its product, which is differentiated in some way from competing products.
Monopolistic competition is characterized by which of the following attributes: i. Many sellers, ii. Product differentiation, iii. Significant barriers to entry
(i) and (ii) only
Which of the following industries would most likely represent monopolistic competition?
clothing
Monopolistic competition is characterized by:
a large number of firms selling differentiated products.
Under monopolistic competition:
there are few barriers to entry.
In a monopolistically competitive market:
firms sell differentiated products.
A monopolistically competitive firm:
tries to differentiate its product from the products of competitors.
Monopolistic competition is characterized by:
many firms selling slightly different products.
Monopolistic competition is characterized by:
differentiated products.
Monopolistic competition is common in
retail selling.
If toothpaste manufacturers compete in a monopolistically competitive market, then:
firms try to differentiate their products from those of competitors.
Firms in monopolistically competitive markets can differentiate their products on the basis of:
all of the above.
Firms in monopolistically competitive markets can differentiate their products on the basis of:
all of the above.
Characteristics of a monopolistically competitive market include all of the following except:
barriers to entry.