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Differentiated goods are not a feature of a:

a. perfectly competitive market.

b. monopolistically competitive market.

c. monopolistic market.

d. perfectly competitive market and monopolistic market.

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Joshua Stredder
Joshua StredderLv10
28 Sep 2019
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Related questions

Consider the following market demand schedule and total costs for a monopoly.

Q P TR TC MR MC Profit                                        
0 45   4                                              
1 40   9                                              
2 35   19                                              
3 30   39                                              
4 25   61                                              
5 20   91                                              
6 15   130                                              
7 10   172                                              

a) Fill in the blanks.

b) How is the relationship between price and MR different between monopolistic and perfectly competitive markets?

c) Would the demand curve facing a monopolistic competitive market be more or less elastic than the demand curve facing a monopolist, why? Do firms in a monopolistically competitive market make long-run economic profits, why or why not?

1. Which of the following is a difference between a perfectly competitive market and a monopoly?

A. There are huge barriers to entry in a perfectly competitive market, while there are no barriers to entry in a monopoly.

B. The market demand curve faced by a perfectly competitive firm is horizontal, while the market demand curve in a monopoly is downward-sloping.

C. The sellers in a perfectly competitive market are price-makers, while a seller in a monopoly market is a price-taker.

D. The equilibrium price in a perfectly competitive market exceeds marginal revenue, while the equilibrium price in a monopoly equals marginal revenue.

 

2. Which of the following firms is likely to have the highest market power?

A. An oligopoly with homogeneous products

B. A monopoly

C. A monopolistic competitor

D. A perfectly competitive firm

A compensating differential refers to differences in

a. human capital levels of workers.

b. signaling differences of workers.

c. nonmonetary characteristics of jobs.

d. All of the above are correct.

According to the Hamermesh and Biddle study, people deemed more attractive than average earn

Select one:

a. 30-40 percent more than unattractive people.

b. about 5 percent more than average looking people.

c. the same as average looking people and 15-20 percent more than unattractive people.

d. 25 percent more than average looking people and 50 percent more than unattractive people.

A firm can earn economic profits in the long run

Select one:

a. only when the market is a monopoly.

b. only when the market is a monopoly or monopolistically competitive.

c. only when the market is monopolistically competitive or perfectly competitive.

d. when the market is perfectly competitive, monopolistically competitive, or monopolistic.

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