Assignment 9 - JumptoNavigationFrame

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Jump to Navigation Frame   Your location: Assessments  ›  View All Submissions  › View Attempt  View Attempt 1 of unlimited  Title: Assignment 9 DUE NOV 20 Started: November 20, 2009 12:24 PM Submitted: November 20, 2009 12:30 PM Time spent: 00:06:32  Total score: 17/20 = 85%   Total score adjusted by 0.0  Maximum possible score: 20  1.   In a monopolistically competitive industry,    Student  Response Value Correct  Answer Feedback 1.  there are  barriers to exit.      2.  there are  barriers to  entry.      3.  there are few  sellers.      4.  each firm in the  industry  produces a  slightly  differentiated  product. 100%       Score: 1/1  Comments:   2.   The monopolistic competitor faces a ____ demand curve.    Student  Response Value Correct  Answer Feedback 1.  vertical      2.  upward- sloping     
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  Student  Response Value Correct  Answer Feedback 3.  downward- sloping 100%       4.  horizontal      Score: 1/1  Comments:   3.   If a monopolistically competitive firm raises its price, then    Student  Response Value Correct  Answer Feedback 1.  this is a trick  question  because the  firm does not  have the  ability to  change its  price.      2.  it should  expect to  lose some,  but not all, of  its  customers. 100%       3.  it should  expect to  lose all of its  customers  because  there are  many other  sellers of the  product.      4.  it can sell all  it wants  because it  faces a      
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Student  Response Value Correct  Answer Feedback horizontal  demand  curve. 5.  it will be able  to increase  its profits.      Score: 1/1  Comments:   4.   One of the ways in which monopolistic competitors differ from perfect  competitors is that    Student  Response Value Correct  Answer Feedback 1.  perfect  competitors  produce the  quantity of  output at which  marginal  revenue equals  marginal cost  and  monopolistic  competitors do  not.      2.  perfect  competitors  produce a  homogeneous  product and  monopolistic  competitors do  not. 100% 
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This note was uploaded on 12/11/2011 for the course ECON 1B03 taught by Professor Hannahholmes during the Spring '08 term at McMaster University.

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Assignment 9 - JumptoNavigationFrame

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