Economics > QUESTIONS & ANSWERS > {SOLVED} American Military University - ECON 201 / ECON201 - Week 7 Quiz Q&A (2022) (All)
{SOLVED} American Military University - ECON 201 / ECON201 - Week 7 Quiz Q&A (2022)
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Question 1 Monopolistic competition is an industry characterized by a: A. small number of firms producing identical products, with barriers to entry for firms. B. small number of firms pr... oducing similar products, with relatively easy entry for firms. C. large number of firms producing similar products, with relatively easy entry for firms. D. large number of firms producing identical products, with relatively easy entry for firms. Answer Key:C Question 2 Imperfect competition is: A. a market structure with no more than one firm in the industry. B. an industry in which all firms are price takers. C. a market structure where firms have a degree of monopoly power. D. described by all of the above. Answer Key:C Question 3 Imperfect competition includes: A. monopolistic competition and oligopoly. B. monopolistic competition and monopoly. C. perfect competition and monopoly. D. monopoly and oligopoly. Answer Key:A Question 4 A firm in monopolistic competition maximizes its profit by producing at the level at which: A. MC = ATC. B. MC = AR. C. MC = P. D. MC = MR. Answer Key:D Question 5 An industry characterized by many firms, producing similar but differentiated products, in a market with easy [Show More]
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