Features of Monopolistic Competition
Economics ⇒ Markets and Price Determination
Features of Monopolistic Competition starts at 11 and continues till grade 12.
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See sample questions for grade 11
Describe how the presence of many firms affects competition in monopolistic competition.
Describe the role of advertising in monopolistic competition.
Describe the role of brand loyalty in monopolistic competition.
Explain the concept of 'freedom of entry and exit' in monopolistic competition.
Explain the impact of free entry and exit on the profits of firms in monopolistic competition in the long run.
Explain the meaning of product differentiation in monopolistic competition.
Explain why firms in monopolistic competition engage in non-price competition.
Explain why the demand curve for a firm in monopolistic competition is more elastic than that of a monopoly.
In monopolistic competition, the demand curve faced by a firm is (1) perfectly elastic (2) perfectly inelastic (3) downward sloping (4) upward sloping
Which market structure is characterized by a downward sloping demand curve for individual firms? (1) Perfect competition (2) Monopoly (3) Monopolistic competition (4) Oligopoly
Which of the following best describes the number of firms in monopolistic competition? (1) One (2) Few (3) Many (4) None
Which of the following is a common method of product differentiation? (1) Price discrimination (2) Advertising (3) Government regulation (4) Collusion
Fill in the blank: In monopolistic competition, each firm has a ________ share of the market.
Fill in the blank: In monopolistic competition, products are ________ but not identical.
Fill in the blank: In monopolistic competition, selling costs are mainly incurred on ________.
Fill in the blank: In monopolistic competition, the entry and exit of firms are ________.
State whether the following is true or false: Firms in monopolistic competition can influence the price of their product.
State whether the following is true or false: In monopolistic competition, firms can set any price they wish without losing customers.
State whether the following is true or false: In monopolistic competition, firms produce at the minimum point of their average cost curve in the long run.
State whether the following statement is true or false: There are barriers to entry in monopolistic competition.
