What can we say for sure about this industry?.
a. They face a perfectly i Show more Which of the following is true about a monopolistically competitive firm? a. They face a perfectly inelastic demand curve b. Their marginal revenue curve rises as thy produce increasing amount of a product c. they have a unique cost structure as compared to all other firms d. if they are profit maximizing they will produce where marginal revenue equals marginal cost e. There marginal revenue curve is the same curve as their demand curve 2. Which of the following will cause a monopolisitically competitive firms a supply curve to shift? a. change in technology b. change in input costs c. a change in the demand for the product the firm is making d. all of the above e. none of the above 3. Which of the following conditions is essential to maintain long run profits? a. single seller b. Differentiated product c. Price maker d. Blocked entry e. All of the above 4. Which of the following is a positive aspect resulting from the monopolistically competitive market structure? a. Increased international competitiveness b. Increased technological advancement c. Greater product variety d. Limit pricing keeping the price low e. All of the above 5. In a specific industry the concentration ratio is 100%. What can we say for sure about this industry? a. It is a monopoly b. It is less competitive than an industry with a concentration ratio of 95% c. This industry is clearly monopolistically competitive d. This industry may be an oligopoly e. This industry is purely competitive 6. When you have one buyer in the market for labor and one seller this is called? a. A monoposony b. A union c. A inclusive industrial model d. A bilateral monopoly e. none of the above 7. Which of the following is a compensating differential causing wage differences? a. Differing pay due to a job s level of risk b. Differing pay due to lack of information by some workers c. Differing pay between union and non union workers doing the job d. Differing levels of pay between doctors and exterminators e. Differing pay resulting from racial discrimination Show less