Sec 16.2 MC Competition with Differentiated Products

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1、1. Adownward-slopingdemandcurve a. isafeatureofallmonopolisticallycompetitivefirms. b. meansthatthefirminquestionwillneverexperienceazeroprofit. c. causesmarginalrevenuetoexceedprice. d. prohibitsfirmsfromearningpositiveeconomicprofitsinthelongrun.ANSWER:  aDIFFICULTY:  ModerateLEARNING OBJECTI

2、VES:  ECON.MANK.093-Examinemonopolisticallycompetitivefirms.TOPICS:  MonopolisticcompetitionKEYWORDS:  BLOOM'S:ComprehensionCUSTOM ID:  001.16.2-MC-MANK082. Eachfirminamonopolisticallycompetitiveindustryfacesadownward-slopingdemandcurvebecause a. therearemanyothersellersinthemarket. b. thereare

3、veryfewothersellersinthemarket. c. thefirm'sproductisdifferentfromthoseofferedbyotherfirmsinthemarket. d. thefirmfacesthethreatofentryintothemarketbynewfirms.ANSWER:  cDIFFICULTY:  ModerateLEARNING OBJECTIVES:  ECON.MANK.093-Examinemonopolisticallycompetitivefirms.TOPICS:  Monopolisticcompetiti

4、onKEYWORDS:  BLOOM'S:ComprehensionCUSTOM ID:  002.16.2-MC-MANK083. Foramonopolisticallycompetitivefirm, a. marginalrevenueandpricearethesame. b. averagerevenueandpricearethesame. c. attheprofit-maximizingquantityofoutput,priceequalsmarginalcost. d. attheprofit-maximizingquantityofoutput,priceeq

5、ualstheminimumofaveragetotalcost.ANSWER:  bDIFFICULTY:  ModerateLEARNING OBJECTIVES:  ECON.MANK.093-Examinemonopolisticallycompetitivefirms.TOPICS:  MonopolisticcompetitionKEYWORDS:  BLOOM'S:ComprehensionCUSTOM ID:  003.16.2-MC-MANK084. Foramonopolisticallycompetitivefirm,attheprofit-maximizing

6、quantityofoutput, a. priceexceedsmarginalcost. b. marginalrevenueexceedsmarginalcost. c. marginalcostexceedsaveragerevenue. d. priceequalsmarginalrevenue.ANSWER:  aDIFFICULTY:  ModerateLEARNING OBJECTIVES:  ECON.MANK.093-Examinemonopolisticallycompetitivefirms.TOPICS:  MonopolisticcompetitionKE

7、YWORDS:  BLOOM'S:ComprehensionCopyrightCengageLearning.PoweredbyCognero.Page 83CUSTOM ID:  004.16.2-MC-MANK085. Productdifferentiationcausesthesellerofagoodtofacewhattypeofdemandcurve? a. downwardsloping b. vertical c. horizontal