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1、MonopolisticCompetition&Oligopoly1.Whichofthefollowingisacharacteristicofmonopolisticcompetition? A. standardizedproductB. arelativelysmallnumberoffirmsC. absenceofnonpricecompetitionD. relativelyeasyentry 2.Amonopolisticallycompetitiveindustryislikeapure
2、lycompetitiveindustryinthat A. eachindustryproducesastandardizedproduct.B. nonpricecompetitionisafeatureinbothindustries.C. neitherindustryhassignificantbarrierstoentry.D. firmsinbothindustriesfaceahorizontaldemandcurve. 3.Whichassumptionispartofthemodelo
3、fmonopolisticcompetition? A. Firmsmakeidenticalorhomogeneousproducts.B. Thereisnocollusionmutualinterdependenceamongfirms.C. Therearesignificantbarrierstoentryintothemarket.D. Firmshavenocontrolovertheirproducts’prices. 4.Monopolisticcompetitionischaracte
4、rizedbyfirms A. producingdifferentiatedproducts.B. makingeconomicprofitsinthelongrun.C. producingatoptimalproductiveefficiency.D. producingwherepriceequalsmarginalcost. 5.Inwhichindustryismonopolisticcompetitionmostlikelytobefound? A. utilitiesB. agricul
5、tureC. retailtradeD. mining 6.Onedifferencebetweenmonopolisticcompetitionandpurecompetitionisthat A. productsmaybehomogeneousinmonopolisticcompetition.B. thereissomecontroloverpriceinmonopolisticcompetition.C. monopolisticcompetitionhassignificantbarriers
6、toentry.D. firmsdifferentiatetheirproductsinpurecompetition. 7.Whichsetofcharacteristicsbelowbestdescribesthebasicfeaturesofmonopolisticcompetition? A. easyentry,manyfirms,andstandardizedproductsB. barrierstoentry,fewfirms,anddifferentiatedproductsC. easy
7、entry,manyfirms,anddifferentiatedproductsD. easyentry,fewfirms,andstandardizedproducts 8.Thegoalofproductdifferentiationandadvertisinginmonopolisticcompetitionistomake A. thefirmallocativelyefficientevenifitisnotproductivelyefficient.B. thefirmproductivel
