ECON 101 Quiz 7 Week 7 Ch 11

ECON 101 Quiz 7 Week 7 Ch 11 Week 7 Quiz (Chapter 11) Part 1 of 1 - 100.0 Points Question 1 of 10 10.0 Points Monopolistic competition is an industry characterized by a: A. small numbe ...

ECON 101 Quiz 7 Week 7 Ch 11 Week 7 Quiz (Chapter 11) Part 1 of 1 - 100.0 Points Question 1 of 10 10.0 Points 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 producing 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. Question 2 of 10 10.0 Points 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. Question 3 of 10 10.0 Points Imperfect competition includes: A. monopolistic competition and oligopoly. B. monopolistic competition and monopoly. C. perfect competition and monopoly. D. monopoly and oligopoly. Question 4 of 10 10.0 Points 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. Question 5 of 10 10.0 Points An industry characterized by many firms, producing similar but differentiated products, in a market with easy entry and exit is called: A. perfect competition. B. monopoly. C. monopolistic competition. D. oligopoly. Question 6 of 10 10.0 Points An oligopoly knows that its _______ affect(s) its _______ and that the _______ of its rivals will affect it. A. actions; rivals; reactions B. price changes ; total revenue in a positive way; reactions C. actions rarely; rivals; actions D. price increases; total revenue in the long run only; large but not small price changes Question 7 of 10 10.0 Points A concentration ratio is used to measure: A. efficiency. B. diseconomies of scale. C. marginal cost. D. market dominance. Question 8 of 10 10.0 Points An industry dominated by a few firms, where each of those firms recognizes that its own choices will affect the choices of its rivals and that its rivals' choices will affect it, is a(n): A. monopoly. B. oligopoly. C. monopolistic competition. D. perfect competition. Question 9 of 10 10.0 Points Price for a firm under monopolistic competition is: A. equal to marginal revenue. B. greater than marginal revenue. C. less than marginal revenue. D. greater than total revenue. Question 10 of 10 10.0 Points Unwritten or unspoken understandings through which firms collude to restrict competition are called: A. cartelization. B. oligopolization. C. overt collusion. D. tacit collusion.