Mastering Monopolistic Competition
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Questions and Answers

Which of the following is a characteristic of monopolistic competition?

  • A small number of large firms.
  • High barriers to entry.
  • A small number of small firms. (correct)
  • Identical products sold by all firms.

    • What is the main quality of monopolistic competition?

  • Price-setting ability
  • Differentiated products (correct)
  • Identical products
  • Low barriers to entry

    • Which of the following is an example of a differentiated product in monopolistic competition?

  • Generic medicines
  • Commodity crops
  • Standardized electronics
  • Restaurant foods (correct)

    • What type of demand curve do monopolistically competitive firms face?

    <p>Downward sloping</p> Signup and view all the answers

    Which of the following is NOT a characteristic of monopolistic competition?

    <p>High barriers to entry</p> Signup and view all the answers

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