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ECON-1010-D1/D2-Introduction to Microeconomics

ECON-1010-D1/D2-Introduction to Microeconomics

Looking for ECON-1010-D1/D2-Introduction to Microeconomics test answers and solutions? Browse our comprehensive collection of verified answers for ECON-1010-D1/D2-Introduction to Microeconomics at moodle.uleth.ca.

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Firms in monopolistic competition have rivals that

set their price according to the demand they face.

✅

all agree on a common price.

❌

set their price where the demand curve is tangent to the average cost curve.

❌

will always match their price decreases but not their price increases.

❌

will always match their price increases.

❌

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The four-firm concentration ratio is the percentage of the total ________ accounted for by the four largest firms in the industry.

The existence of a large number of firms in monopolistic competition

makes it possible for each firm's price to deviate by a large amount from the average price of the other firms.

makes collusion highly likely.

means that each firm has a small market share.

means that each firm is a price taker.

means that a firm must pay attention to the behaviour of all of its competitors.

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Dole Co. operates in a monopolistically competitive market. Which of the following does not characterize Dole Co.'s market?

Dole Co. is unable to collude with other firms in the market.

Dole Co.'s product is slightly different from its competitors.

Dole Co. supplies a small portion of the market's output.

Dole Co. faced no barrier to entry when it decided to enter its market.

Dole Co. must pay close attention to the decisions of each of its competitors.

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Which of the following is always true regarding a profit-maximizing monopolistically competitive firm in short-run equilibrium?

P = ATC

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