Which of the following is a characteristic of the monopolistic competition market structure? a. Many type of firms and a homogeneous product. b. Few firms and also distinguished products. c. Couple of firms and equivalent products. d. Few firms and also a homogeneous product. e. Many kind of firms and also distinguished products
Supporters of heralding insurance claim that it: a. promotes the public interest. b. is a obstacle to entry. c. enables brand-new rivals a chance to gain sector share. d. All of the answers over are correct.

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Critics of heralding argue that it: a. lowers price by increasing competition. b. outcomes in more selection of assets. c. develops brand also loyalty, which promotes competition. d. serves as a barrier to entry for new firms
The theory of monopolistic competition predicts that in long-run equilibrium a monopolistically competitive firm will: a. develop the output level at which price equates to long-run marginal expense. b. operate at minimum long-run average cost. c. overmake use of its inenough capacity. d. create the output level at which price amounts to long-run average price.
A monopolistic competitive firm is ineffective bereason the firm: a. earns positive economic profit in the long run. b. is creating at an output matching to the problem that marginal cost equals price. c. is not maximizing its profit. d. produces an output where average complete expense is not minimum
Which of the adhering to is a characteristic of an oligopoly? a. Mutual interdependence in pricing decisions. b. Independent pricing decisions. c. Lack of control over prices. d. All of the answers over are correct
A kink in the demand also curve dealing with an oligopolist is brought about by: a. the belief that rivals will follow price rises but not match price decreases. b. too much advertising. c. quickly increasing marginal earnings. d. the presumption that rivals will certainly follow price reductions yet not price increases
Which of the following is evidence that OPEC is an reliable cartel? a. Output alters are dictated by changes in demand. b. Price changes are dictated by changes in demand. c. Members carry out not agree on output quotas. d. None of the answers over are correct
An oligopoly is a market structure in which: a. one firm has actually 100 percent of a sector. b. there are many type of tiny firms. c. there are many firms through no regulate over price. d. there are few firms selling either a homogeneous or identified product
Assume that an oligopolist has actually a kinked demand also curve. Suppose that the marginal expense curve passes through the gap in the marginal revenue curve. This means price and output will be displayed by a point: a. over the curve. b. listed below the curve. c. at the kink. d. on the upper component of the curve. e. on the reduced component of the curve
Which of the adhering to is true around an oligopoly equilibrium in comparikid through equilibrium under comparable scenarios yet via perfect competition? a. Output is bigger and also price is reduced than under perfect competition. b. Output is larger but price is better than under perfect competition. c. Output is smaller sized and price is higher than under perfect competition. d. Output is smaller sized and also price is lower than under perfect competition.

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A monopolistically competitive sector is defined by: a. many kind of small sellers selling a differentiated product. b. a solitary seller of a product that has actually few suitable substitutes. c. incredibly solid obstacles to enattempt. d. shared interdependence in pricing decisions
A monopolistically competitive firm will: a. maximize revenues by producing wbelow MR = MC. b. not most likely earn an financial profit in the long run. c. shut dvery own if price is less than average variable expense. d. All of the answers above are correct
Which of the following is true about proclaiming by a firm? a.It is not always successful in boosting demand also for a firm"s product. b. It ca rise demand and make demand more inelastic. c. It may minimize per unit prices of production when economic climates of scale exist. d. All of the answers over are correct.
Which of the complying with is an end result of advertising for a monopolistically competitive firm? a. Long-run average expenses shift downward. b. The firm"s demand also curve becomes flast and shifts inward. c. The firm"s demand also curve keeps the exact same slope and shifts inward. d. Long-run average expenses change upward
An oligopoly: a. and monopolistically competitive sector develop much less and also charge better prices than if their industries were perfectly competitive. b. is identified by common interdependence of pricing decisions. c. may be defined by a kinked demand curve. d. All of the answers above are correct
A cartel: a. is a group of firms formally agreeing to regulate the price and also the output of a product. b. has as its major goal to enjoy monopoly revenues by replacing competition via cooperation. c. is illegal in the United States, but not in other nations. d. All of the answers above are correct
Game theory is advantageous for analysis in _________________ and for describing pricing among firms that are _________________. a. monopoly; merging b. perfect competition; regulated c. oligopoly; interdependent d. monopolistic competition; independent
A game concept strategy for oligopolists to avoid a low-price outcome is ___________. a. tit-for-tat b. price management c. second ideal d. win-win
assume that the sector for grapes is perfectly competitive. mean a producer lowers its expense of manufacturing. what happens in the SR and also the LR
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