My Home Ec2100 - Microeconomics Topic 09 Quiz

Top of Form Submission View Your quiz has been submitted successfully. Question 1An industry with a large number of firms, differentiated products, and free entry and exit is called HTMLCONTROL Forms.HTMLOption.1 A) perfect competition. HTMLCONTROL Forms.HTMLOption.1 B) monopolistic competition. HTMLCONTROL Forms.HTMLOption.1 C) monopolistic oligopoly. HTMLCONTROL Forms.HTMLOption.1 D) oligopoly. HTMLCONTROL Forms.HTMLOption.1 E) monopoly. Question 2What does monopolistic competition have in common with perfect competition HTMLCONTROL Forms.HTMLOption.1 A) a standardized product HTMLCONTROL Forms.HTMLOption.1 B) barriers to exit but no barriers to entry HTMLCONTROL Forms.HTMLOption.1 C) the ability to make an economic profit in the long run HTMLCONTROL Forms.HTMLOption.1 D) a large number of firms and freedom of entry and exit HTMLCONTROL Forms.HTMLOption.1 E) product differentiation Question 3A differentiated product has HTMLCONTROL Forms.HTMLOption.1 A) many different complements. HTMLCONTROL Forms.HTMLOption.1 B) no substitutes of any kind. HTMLCONTROL Forms.HTMLOption.1 C) close but not perfect substitutes. HTMLCONTROL Forms.HTMLOption.1 D) no close substitutes. HTMLCONTROL Forms.HTMLOption.1 E) many perfect substitutes. Question 4Firms in monopolistic competition have demand curves that are HTMLCONTROL Forms.HTMLOption.1 A) downward sloping. HTMLCONTROL Forms.HTMLOption.1 B) upward sloping. HTMLCONTROL Forms.HTMLOption.1 C) vertical. HTMLCONTROL Forms.HTMLOption.1 D) horizontal. HTMLCONTROL Forms.HTMLOption.1 E) U-shaped. Question 5The major difference between monopolistic competition and monopoly is HTMLCONTROL Forms.HTMLOption.1 A) only firms in