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Questions and Answers
Which of the following is a characteristic of monopolistic competition?
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?
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?
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?
What type of demand curve do monopolistically competitive firms face?
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Which of the following is NOT a characteristic of monopolistic competition?
Which of the following is NOT a characteristic of monopolistic competition?
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