ArCh25_10e.doc - Chapter 25—Monopolistic Competition,...

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Chapter 25—Monopolistic Competition, Oligopoly, and Game TheoryMULTIPLE CHOICE1.Which of the following isnotan assumption of the theory of monopolistic competition?a.There are high barriers to entry.b.There are many sellers and few buyers.c.Each firm in the industry produces and sells a homogeneous product.d.a and be.all of the aboveANS: EPTS:1DIF:EasyNAT:Analytic
LOC:Monopolistic competition2.Which of the following is one of the assumptions upon which the theory of monopolistic competitionis built?PTS:1DIF:EasyNAT:Analytic
LOC:Monopolistic competition3.In a monopolistic competitive industry,PTS:1DIF:EasyNAT:Analytic
LOC:Monopolistic competition4.In a monopolistic competitive market, which of the following factors probably does not giverise to product differentiation?PTS:1DIF:ModerateNAT:Analytic
LOC:Monopolistic competition5.Which of the following industries is the best real-world example of monopolistic competition?a.soft drinksb.electricity generationc.automobilesd.computer softwareANS: DPTS:1DIF:ModerateNAT:Analytic
LOC:Monopolistic competition742
6.The monopolistic competitive firm faces a __________ demand curve.PTS:1DIF:EasyNAT:Analytic
LOC:Monopolistic competition7.The monopolistic competitor faces a __________ demand curve and therefore is a price__________.PTS:1DIF:EasyNAT:Analytic
LOC:Monopolistic competition8.If a monopolistic competitive firm raises its price, thenPTS:1DIF:ModerateNAT:Analytic
LOC:Monopolistic competition

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Term
Spring
Professor
CaraTucker

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