Question Chapter 12 Quiz 1. What distinguishes monopolistic competition from per

31 May Question Chapter 12 Quiz 1. What distinguishes monopolistic competition from per

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Question

Chapter 12 Quiz

What distinguishes monopolistic competition from perfect competition?

A.	The number of firms
B.	The ease of entry and exit
C.	The difficulty new firms have in entering monopolistic competition as compared with perfect competition.
D.	In monopolistic competition each firm sells a slightly different or unique product; that is not the case in perfect competition.
E.	In perfect competition each firm sells a slightly different or unique product; that is not the case in monopolistic competition.

Which of the following statements is true?

A.	A monopoly faces significant threats of entry into the market if economic profits exist.
B.	Monopolistically competitive firms will never earn economic profits in the short run.
C.	In monopolistically competitive markets, economic profits will eventually lead to the entry of new firms.
D.	There are high barriers to entry in perfect competition.
E.	There are high barriers to entry in monopolistic competition.

In the spring of 2003, Coke introduced a new drink called Vanilla Coke. In the summer of 2003, Pepsi responded by marketing its own brand of Pepsi Vanilla. Such moves by firms are known as

A.	long-run equilibrium in perfect competition.
B.	product differentiation.
C.	price discrimination.
D.	profit determination.
E.	extremely stupid to most informed observers.

Compared with a perfectly competitive industry, a monopolistically competitive firm

A.	produces a larger quantity but at a lower price.
B.	produces a larger quantity at a higher price.
C.	produces the same quantity, but at a higher price.
D.	produces exactly the same quantity at exactly the same price.
E.	produces a smaller quantity at a higher price.

Because consumers often possess incomplete information in markets,

A.	gaining information about products itself may be costly.
B.	brand names provide valuable information to consumers about the quality of products.
C.	firms often provide information through marketing.
D.	guarantees can help to increase consumer confidence in a product.
E.	All of the above

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