Monopolisitic Competition GA

Monopolisitic Competition GA - Question 1 5 out of 5 points...

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Question 1 5 out of 5 points The monopolistically competitive firm shown in the above figure: Selected Answer: cannot operate profitably in the short run. Answers: is in long-run equilibrium. might realize an economic profit or a loss, depending on its choice of output level. cannot operate profitably in the short run. can realize an economic profit. Question 2 5 out of 5 points A monopolistically competitive industry combines elements of both competition and monopoly. It is correct to say that the competitive element results from: Selected Answer: a relatively large number of firms and the monopolistic element from product differentiation. Answers: a relatively large number of firms and the monopolistic element from product differentiation. product differentiation and the monopolistic element from high entry barriers. a perfectly elastic demand curve and the monopolistic element from low entry barriers. a highly inelastic demand curve and the monopolistic element from advertising and product promotion.
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Question 3 5 out of 5 points Which of the following is not a basic characteristic of monopolistic competition? Selected Answer: recognized mutual interdependence Answers: the use of trademarks and brand names recognized mutual interdependence product differentiation a relatively large number of sellers Question 4 5 out of 5 points An important similarity between a monopolistically competitive firm and a pure monopolist is that both: Selected Answer: face demand curves which are less than perfectly elastic.
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