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Questions and Answers
Which of the following is NOT a characteristic of a monopolistic competitive market?
Which of the following is NOT a characteristic of a monopolistic competitive market?
In a perfect competitive market, firms can make long-term economic profits.
In a perfect competitive market, firms can make long-term economic profits.
False
What is the primary behavior of a perfect competitive firm in the short run?
What is the primary behavior of a perfect competitive firm in the short run?
Maximize profit by producing where marginal cost equals marginal revenue.
In a monopoly, the firm has _ to set prices due to the lack of competition.
In a monopoly, the firm has _ to set prices due to the lack of competition.
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Match the market structure with its characteristic:
Match the market structure with its characteristic:
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Study Notes
Perfect Competition
- Characteristics of a perfect competitive market
- Characteristics of a monopoly
- Characteristics of monopolistic competition
- Characteristics of an oligopoly
- Differentiating between monopolistic competition and oligopoly
- Perfect competitive firm behavior in the short run
- Firm's decision to shut down if incurring losses in the short run
- Perfect competitive firm behavior in the long run
- Short-run vs. long-run supply curve for a perfectly competitive firm
- Difference between monopolist and perfect competitor behavior (short run, economic profits)
- Difference between monopolistic competitor and perfect competitor behavior (short run, economic profit)
- Difference between monopolistic competitor and perfect competitor behavior (long run, excess capacity)
- Comparing consumer surplus in perfect competition and monopoly
- Collusive oligopoly concept
Further Study
- Review of perfect competition, monopoly, monopolistic competition and oligopoly exercises from Moodle.
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Description
This quiz covers essential characteristics of different market structures including perfect competition, monopoly, monopolistic competition, and oligopoly. It also explores behaviors of firms in the short run and long run, while comparing consumer surplus in these market types. Prepare to deepen your understanding of economic concepts through this comprehensive assessment.
