ECN 101 Chapter Notes - Chapter 9: Monopolistic Competition, Imperfect Competition, Market Power

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amethystferret137

16 Dec 2018

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A market structure in which a very large number of firms produce a. A market structure in which one firm is the sole seller of a product or service. A market structure in which a relatively large number of sellers. A market structure in which a few large firms produce standardized or differentiated. The market models of monopoly, monopolistic competition, and. Imperfect competition: oligopoly considered as a group. Mr = mc rule: maximum (or losses are at a minimum). A firm in a purely competitive market that cannot change market price, but can only. Total revenue from the sale of a product divided by the quantity of the. The total number of dollars a seller receives from the sale of a product in a. The change in total revenue that results from selling one more unit of a. An output at which a firm makes a normal profit but not an economic profit.

Related Questions

1. Which market structure is characterized by a few interdependent firms?

A) Monopoly.

B) Perfect competition.

C) Monopolist competition.

D) Oligopoly.

2. The correct ranking (put in order) of the degree of market power (from highest to lowest) is

A) Monopoly, monopolistic competition, perfect competition, oligopoly

B) Monopoly, monopolistic competition, oligopoly, perfect competition.

C) Monopoly, oligopoly, monopolistic competition, perfect competition.

D) Oligopoly, monopoly, monopolistic competition, perfect competition.

3. The term monopolistic competition

A) is an alternate expression for monopoly

B) is used to describe perfect competition with strong entry barriers.

C) denotes an industry with one seller of many differentiated products

D) denotes an industry with many sellers of differentiated products.

ceruleanseal203

1. A monopoly market structure is characterized by

a. large number of firms, standardized products, easy entry and exit.

b. large number of firms, differentiated products, easy entry and exit.

C. small number of firms, standardized or differentiated products, difficult entry.

d. one firm, a unique product without close substitutes, and impossible entry.

e. one firm, differentiated product, impossible entry.

2. Which of the following is not a characteristic of monopolistic competition?

a. Differentiated products

b. A downward-sloping demand curve for individual firms

c. Firms that are price makers

d. Impeded entry into the industry

e. A large number of firms

3. One factor that distinguishes oligopoly from other market structures is

a. the ease of entry into the market.

b. the interdependence of firms.

c. the slope of the demand curve.

d. the degree of product differentiation.

e. the amount of advertising expenditures.

lavenderbat941

If an industry has no barriers to entry, no product promotion strategy, a standardized product type, and a very large number of firms operating within it, the industry can be said to have

Select one:

a. a monopoly market structure.

b. perfect competition.

c. differentiated market.

d. monopolistic competition.

e. an oligopoly market structure.

The long-run average-cost curve

Select one:

a. connects the minimum points of all the short-run average-total-cost curves.

b. connects the maximum points of all the short-run average-total-cost curves.

c. connects minimum points on the short-run total-cost curves.

d. indicates the most efficient scale of operation for a given level of output.

e. is the most efficient scale of operation.

ECN 101 Chapter Notes - Chapter 9: Monopolistic Competition, Imperfect Competition, Market Power

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