The use of the word “monopoly” in the name of the market structure called “monopolistic competition” refers to the fact that ?

Related Mcqs:

Defenders of the use of brand names argue that brand names ?

A. all of these answers B. are useful even in socialist economics such as the former Soviet Union C. provide information about the quality of the product give firms incentive to maintain high quality...

Which of the following is not an argument put forth by economists in support of the use of advertising ?

A. Advertising increases competition B. Advertising provides information to customers about prices, new products and location of retail outlets. C. Advertising provides a creative outlet for artists and writers D. Advertising provides new firms with the means to attract customers from existing firms....

In the short run, if the price is above average total cost in a monopolistically competitive market, the firm makes ?

A. losses and firms exit the market B. profits and firms exit the market C. losses and firms enter the market D. profits and firms enter the market...

Which of the following firms has the least incentive to advertise ?

A. a manual fracture of breakfast cereal B. a wholesaler of crude oil C. a restaurant D. a manufacturer of home heating and air conditioning...

One source of inefficiency in monopolistic competition is that since price is above marginal cost, some units are not produced that buyers value in ?

A. Since price is above marginal cost surplus is redistributed from buyers to sellers B. monopolistically competitive firms earn economic profits in the long run C. monopolistically competitive firms produce beyond their efficient scale D. excess of the cost of production and this causes a deadweight loss....