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1. A monopolistically competitive firm is characterized by

a. Price equals marginal cost pricing
b. Barriers to entry
c. Differentiated products
d. Similar products

2. Which of the following statements is false?
a. Natural monopolies do not need to be regulated because they naturally behave to benefit society.
b. Oligopoly markets require firms to behave strategically.
c. Monopolistic competition produces with excess capacity.
d. Monopolies generally arise because of barriers to entry.

3. Both perfectly competitive markets and monopolistically competitive markets are characterized by
a. Efficient production
b. Barriers to exit
c. No barriers to entry
d. Homogenous products

4. Monopolies generally arise from which of the following?
a. Marginal cost pricing
b. Vertical mergers
c. Barriers to entry
d. Ownership of resources

5. The price of an oligopoly product is likely to be
a. Higher than a monopoly firm but lower than a perfectly competitive firm
b. Higher than a monopoly firm and higher than a perfectly competitive firm
c. Lower than a monopoly firm but higher than a monopolistic competitive firm
d. Higher than a monopoly firm but lower than a monopolistic competitive firm

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9495931

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