- Topic 09 Quiz Top Of Form Submission View Y

- Topic 09 Quiz Top of FormSubmission ViewYour quiz has been submitted successfully.Question 1An industry with a large number of firms, differentiated products, and free entry and exit is calledA) perfect competition.B) monopolistic competition.C) monopolistic oligopoly.D) oligopoly.E) monopoly.Question 2What does monopolistic competition have in common with perfect competition?A) a standardized productB) barriers to exit but no barriers to entryC) the ability to make an economic profit in the long runD) a large number of firms and freedom of entry and exitE) product differentiationQuestion 3A differentiated product hasA) many different complements.B) no substitutes of any kind.C) close but not perfect substitutes.D) no close substitutes.E) many perfect substitutes.Question 4Firms in monopolistic competition have demand curves that areA) downward sloping.B) upward sloping.C) vertical.D) horizontal.E) U-shaped.Question 5The major difference between monopolistic competition and monopoly isA) only firms in monopolistic competition are protected by barriers to entry.B) how the quantity of output is determined.C) monopoly is a price setter, and a firm in monopolistic competition is a price taker.D) only a monopoly can make an economic profit in the long run.E) only a firm in monopolistic competition can make an economic profit in