超星 - Ch 16 Monopolistic Competition

单选题

Which of the following is true about a monopolistically competitive firm?

A. It can earn an economic profit in the short run, but not the long run.
B. It can earn an economic profit in the short run and the long run.
C. It can earn an economic profit in the long run, but not the short run.
D. It cannot earn a economic profit in either the short or long run.

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单选题

The two types of imperfectly competitive markets are

A. monopoly and monopolistic competition.
B. monopoly and oligopoly.
C. monopolistic competition and oligopoly.
D. monopolistic competition and cartels.

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单选题

The breakfast cereal industry, with its concentration ratio of 80%, would best be described as

A. a perfectly competitive market.
B. a monopolistically competitive market.
C. an oligopoly.
D. a monopoly.

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单选题

When an industry has many firms, the industry is

A. an oligopoly if the firms sell differentiated products, but it is monopolistically competitive if the firms sell identical products.
B. an oligopoly if the firms sell differentiated products, but it is perfectly competitive if the firms sell identical products.
C. monopolistically competitive if the firms sell differentiated products, but it is perfectly competitive if the firms sell identical products.
D. perfectly competitive if the firms sell differentiated products, but it is monopolistically competitive if the firms sell identical products.

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单选题

In both perfect competition and monopolistic competition, each firm

A. sells identical products.
B. faces a downward-sloping demand curve its product.
C. has no monopoly power.
D. can enter or exit the market freely.

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单选题

A similarity between monopoly and monopolistic competition is that in both market structures

A. there are a large number of sellers.
B. strategic interactions among sellers are important.
C. each firm faces a downward-sloping demand curve.
D. there are only a few buyers but many sellers.

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单选题

For a monopolistically competitive firm,

A. marginal revenue and price are the same.
B. at the profit-maximizing quantity of output, marginal revenue equals marginal cost.
C. at the profit-maximizing quantity of output, price equals marginal cost.
D. at the profit-maximizing quantity of output, price equals the minimum of average total cost.

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单选题

In the short run, a firm in a monopolistically competitive market operates much like a

A. firm in a perfectly competitive market.
B. firm in an oligopoly.
C. monopolist.
D. nonprofit firm.

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单选题

A monopolistically competitive firm is currently producing 25 units of output. At this level of output the firm is charging the highest price it can at $30, has marginal revenue equal to $21, has marginal cost equal to $21, and has average total cost equal to $22. From this information we can infer that

A. the firm is currently maximizing its profit.
B. the firm is earning zero profit.
C. increasing the quantity produced will raise per-unit costs.
D. firms are likely to leave this market in the long run.

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