Liberty ECON 213 Quiz 11 Answers Complete Solutions

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Question 1

Market power is best described as when the firm’s demand curve is:

Question 2

In a monopolistically competitive industry, price:

Question 3

Why would perfectly competitive industries advertise even though individual firms do not?

Question 4

Which of the following is a characteristic of a monopolistically competitive firm?

Question 5

Advertising is designed to:

Question 6

Both perfectly competitive and monopolistically competitive industries have many firms, in fact so many that, in the long run:

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Question 7

Profit­maximizing, monopolistically competitive firms:

Question 8

Which of the following is the best description of monopolistic competition?

Question 9

The theory of monopolistic competition predicts that, in long­run equilibrium, a monopolistically competitive firm will:

Question 10

The correct level of output for a profit­maximizing, monopolistically competitive firm always matches the point where:

Question 11

Which of the following is the best example of a firm operating in a monopolistically competitive market?

Question 12

As new firms enter a monopolistically competitive industry, it can be expected that:

Question 13

If barriers to entry are high and products are somewhat differentiated:

Question 14

Refer to the following graph to answer the questions that follow.

In the long run, the demand curve for the monopolistically competitive firm would:

Question 15

The shape and/or slope of the marginal revenue curve under monopolistic competition is:

Question 16

A convenience store is generally able to charge and obtain a higher price for its candy bars than is Wal­Mart because the convenience store:

Question 17

We can represent the entry of new firms into a monopolistically competitive market by shifting the existing firms’:

Question 18

An increase in marginal cost causes a profit­maximizing, monopolistically competitive firm to:

Question 19

Which of the following is evidence of market power?

Question 20

If all monopolistically competitive firms had identical cost curves: