Project #29729 - Hw

Instructions

Multiple Attempts Not allowed. This test can only be taken once.
Force Completion This test can be saved and resumed later.

  

Question 1

  1. Monopolistic competition is a more realistic market model than the polar models of pure competition and pure monopoly.

     

     

8 points   

Question 2

  1. Like the perfect competition model the monopolistic competition model assumes that the firms produce homogeneous goods.


     

     

8 points   

Question 3

  1. Like the perfect competition model, the monopolistic competition model assumes that there are so many sellers in a particular industry that no one seller can influence market supply (and therefore price) by increasing or decreasing the quantity of output it produces.


     

     

8 points   

Question 4

  1. The monopolistically competitive firm is a “price taker.” If it tried to charge a higher price, it would lose all of its customers.


     

     

8 points   

Question 5

  1. If you wanted Titleist golf balls or a Ralph Lauren sweater, you’d have to buy them from what is essentially a monopolist because, even though there are a lot of producers of golf balls and sweaters, there is only one producer of that brand.                  


     

     

8 points   

Question 6

  1. To help distinguish it’s product from the others in the industry, the monopolistically competitive firm often invests in advertising.


     

     

8 points   

Question 7

  1. Advertising is more important in the perfectly competitive model than it is in the monopolistically competitive model.

     

     

8 points   

Question 8

  1. Whether the distinction among products is physical, psychological or just imagined, the product distinction is designed to allow the firm to engage in non-price competition.


     

     

8 points   

Question 9

  1. As a result of product differentiation, the demand curve for a firm’s product is downward sloping rather than perfectly elastic.


     

     

8 points   

Question 10

  1. Because of the “no barriers to entry” characteristic of this market model, the monopolistically competitive firm can expect to make significant economic profits in the long-run equilibrium.


     

     

8 points   

Question 11

  1. As in the cases of both perfect competition and pure monopoly, the monopolistically competitive firm maximizes its profits at the level of output for which MR=MC.


     

     

8 points   

Question 12

  1. In equilibrium the firm will produce at a point where P=MC, thus resulting in the right amount (i.e., the most efficient allocation of resources) of the product being produced.


     

     

8 points   

Question 13

  1. Monopolistically competitive firms have been of significant concern to economic policy makers in government. This is indicated by indicated by the large number of antitrust policies that have recently been brought against firms in such industries.


     

     

8 points   

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Due By (Pacific Time) 05/03/2014 12:00 am
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