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ECON-1010-D1/D2-Introduction to Microeconomics

ECON-1010-D1/D2-Introduction to Microeconomics

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One factor that distinguishes a monopoly from monopolistic competition is that

barriers to exit exist in monopolistic competition.

firms are price-takers in monopolistic competition.

firms in monopolistic competition practice collusion.

close substitutes are available in monopolistic competition.

no barriers to entry exist in a monopoly.

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If a firm spends $600 on advertising, its

AFC and AVC curves shift upward.

ATC and MC curves shift upward.

ATC curve shifts upward and its MC curve shifts downward.

MC curve shifts upward and its ATC curve does not shift.

ATC curve shifts upward and its MC curve does not shift.

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Monopolistic competition might be efficient if

the loss that arises because the quantity produced is less than the efficient quantity is offset by the gain that arises from having a greater degree of product variety.

firms left the industry.

firms invested in technology that decreased the marginal cost of production.

firms made more use of brand names.

more firms entered the industry.

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Monopolistically competitive firms engaging in advertising will definitely achieve which of the following?

an increase in average total cost

Both B and C are correct.

an increase in demand

A, B, and C are correct.

an increase in total cost

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When firms in monopolistic competition incur an economic loss,

firms exit the industry, and demand increases for the products of the firms that remain.

firms enter the industry, and demand increases for the firms that were originally in the industry.

firms enter the industry and produce better products.

the industry will eventually disappear.

firms exit the industry, and demand decreases for the firms that remain in the industry.

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Which one of the following statements describes a market that is monopolistically competitive?

There are significant barriers to entry.

There is a small number of large firms.

The product produced by one firm has no close substitutes.

Many firms compete by making similar but slightly different products.

The products produced by the firms are identical.

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The four-firm concentration ratio tells us the percentage of ________ for the four largest firms in an industry.

physical output

economic profit

the value of sales

accounting profit

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is the difference between price and average total cost.

exists in perfect competition.

does not exist in monopolistic competition.

does not exist in monopoly.

exists in both monopoly and monopolistic competition.

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When the Herfindahl-Hirschman Index (HHI) is greater than 2,500,

the market is moderately competitive.

there are many producers in the market.

a monopoly exists.

the market is uncompetitive.

the market is very competitive.

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In monopolistic competition, firms can make an economic profit in

the short run but not in the long run.

always in the short run and sometimes but not frequently in the long run.

the short run and in the long run.

the long run but not in the short run.

neither the short run nor the long run.

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