Chapter_14 - YourResultsfor:"SelfStudyQuiz"...

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Your Results for: "Self-Study Quiz" Print this page Site Title: Principles of Economics, Eighth Edition Book Title: Principles of Economics, 8/e Book Author: Case/Fair Location on  Site: Chapter 14 > Self-Study Quiz Date/Time  Submitted: February 7, 2012 at 12:09 PM  (UTC/GMT) Summary of Results 36% Correct  of 42 Scored items: 15 Correct:  36% 27 Incorrect:  64% 3 questions not scored. 42 scored questions. More information about scoring 1. What are the characteristics  of  monopolistic competition ? Your Answer:   Correct. Many firms, product differentiation and no barriers to entry are characteristics of  monopolistic competition. 2. Product differentiation and  advertising are characteristics more  commonly found in what type of  market structure? Your Answer: Monopoly. Correct Answer: Monopolistic competition.   Incorrect. Monopolies don’t face any competition and do not have to advertise or  differentiate their products in order to gain market share. 3. The fact that firms cannot influence 
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market price by virtue of their size is  the feature that differentiates  monopolistic competition from: Your Answer: Perfect competition and oligopoly. Correct Answer: Oligopoly and monopoly.   Incorrect. The feature that distinguishes monopolistic competition from monopoly and  oligopoly is that firms that are monopolistic competitors cannot influence market price by  virtue of their size. 4. The fact that good substitutes are  available is the feature that  differentiates monopolistic  competition from: Your Answer:   Correct. The feature that distinguishes monopolistic competition from pure monopoly is  that good substitutes are available in a monopolistically competitive industry. 5. Which of the following is the  preferred strategy of the  monopolistic competitor to achieve  market power? Your Answer: Size. Expand plant size in order to Correct Answer: Product differentiation. Try to prod establish a good reputation.   Incorrect. There are small and large competitors in this market structure. In general,  however, firms are small, relative to the total market.
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6. The term  monopolistic  competition  applies to each firm in  the sense that: Your Answer:   Correct. The term competitive refers to the availability of substitutes, as well as the ability  of new firms to enter the market. 7. Product differentiation and  advertising have its supporters and  its critics. The supporters of  advertising argue that: Your Answer: Product differentiation is about inn Correct Answer: All of the above.  
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Chapter_14 - YourResultsfor:"SelfStudyQuiz"...

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