Chapter 16 Quiz

Chapter 16 Quiz - Chapter 16 1 Which of the following is a...

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Chapter 16 1. Which of the following is a characteristic of monopolistic competition? a. ownership of a key resource by a single firm b. free entry c. identical product d. patents 2. The market for novels is a. perfectly competitive b. a monopoly c. monopolistically competitive d. an oligopoly 3. Which of the following statements are correct? (more than 1) a. Monopolistic competition is similar to monopoly because in each market structure the firm can charge a price above marginal costs. b. Monopolistic competition is similar to perfect competition because both market structures are characterized by free entry. c. Monopolistic competition is similar to oligopoly because both market structures are characterized by barriers to entry. d. Monopolistic competition is similar to perfect competition because both market structures are characterized by many sellers. 4. Which of the following statements are correct? (Definitely more than 1) a. Monopolistic competition is different from monopoly because
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Chapter 16 Quiz - Chapter 16 1 Which of the following is a...

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