Which one of the following is NOT a characteristic of monopolistic competition?()
A: Differentiated products.
B: Elastic demand curves
C: A single seller.
A: Differentiated products.
B: Elastic demand curves
C: A single seller.
举一反三
- 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.
- Which of the following is a characteristic of perfect competition? A: . A single seller. B: . A small number of buyers. C: . Buyers and sellers are price setters. D: . Buyers and sellers are price takers.
- Which of the following characteristics is common to monopolistic competition and perfect competition? 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.
- Which of the following is least likely a feature that monopolistic competition and perfect competition have in common A: Output occurs where MR=MC. B: Zero economic profits in the long run. C: Extensive advertising to differentiate products.
- 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