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xcquiz3-0201 - a goods produced by different firms are...

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ECON 251-0201 Extra Credit Quiz #3 and Answers Thursday, November 9, 2006 1. A firm in a monopolistically competitive market faces a demand curve that is a. perfectly inelastic b. less elastic than the market demand curve. c. more elastic than the market demand curve d. the same as the market demand curve 2. In the long run, which of the following is true for a firm in monopolistic competition? 3. In a monopolistically competitive market,
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Unformatted text preview: a. goods produced by different firms are perfect substitutes for one another b. there is a small number of firms c. there are no barriers to entry d. firms only produce when demand is inelastic 4. An oligopoly is an industry where there are a. diseconomies of scale b. many firms c. barriers to entry d. all of the above 5. How many questions were on Tuesday’s second exam? a. 20 b. 30 c. 40 d. 50...
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