A: Firms produce identical products.
B: Entry barriers into the industry are low.
C: Each firm faces a downward-sloping demand curve.
D: Firms take market prices as given.
举一反三
- 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.
- Which one of the following statements is TRUE for BOTH perfect competition and monopolistic competition? A: Each type of firm faces a downward sloping demand curve. B: Each type of firm produces a homogeneous product. C: In the long run, firms in both industries make zero economic profit. D: Each type of firm competes on product quality and price.
- In perfect competition, ________. A: there are restrictions on entry into the market B: firms in the market have advantages over firms that plan to enter the market C: only firms know their competitors' prices D: there are many firms that sell identical products
- Which of the following correctly describes an oligopoly? A: A single firm has all of the market power. B: Several firms have market power and there is free entry and exit. C: Several firms have market power and there are barriers to entry. D: Several firms take the price as given and there is free entry and exit.
- Which is the market structure in which many manufacturers produce and sell products that are different yet substitutable? A: Perfect competition B: Perfect monopoly C: Monopolistic competition D: Oligopoly
内容
- 0
Which of the following is least accurate regarding product development and marketing for firms under monopolistic competition A: Firms that bring new and innovative products to the market face relatively more elastic demand curves than their competitors. B: Relative to other types of competition, product innovation is critical to the pursuit of economic profits. C: Advertising is necessary to communicate the uniqueness of the firm’s products relative to its competitors.
- 1
In a market with a dominant firm， it makes sense to assume that （ ）。 A: the fringe firms will set the industry price and the dominant firm will take that price as given. B: none of the above C: the dominant firm will set the industry price and the fringe firms will take that price as given. D: the dominant firm will set the industry price and the fringe firms will also make their price.
- 2
Which of the following statements is most accurate regarding the characteristics of a perfectly competitive market A: Firms" products are different. B: The competitors never earn economic profits. C: Barriers to entry into the market are nonexistent.
- 3
Select the statement that distinguishes monopolistic competition from perfect competition. A: No barriers to entry/exist in monopolistic competition. B: A firm in monopolistic competition can set its own price and output. C: A firm in monopolistic competition makes zero economic profit in the long run. D: Close substitutes are available in monopolistic competition.
- 4
Competition among firms in an industry can lower prices and profits