Tag the questions with any skills you have. Your dashboard will track each student's mastery of each skill.
Give this quiz to my class
Q 1/30
Score 0
In a monopolistically competitive market, the product produced by each firm is __________ from the products produced by its rivals.
30
substitutable
differentiated
identical
unique
Q 2/30
Score 0
In a monopolistically competitive market, what type of differentiation can exist that convinces consumers the products are different even if physically identical?
30
artificial differentiation
real differentiation
perfect differentiation
substantial differentiation
30 questions
Q.
In a monopolistically competitive market, the product produced by each firm is __________ from the products produced by its rivals.
1
30 sec
Q.
In a monopolistically competitive market, what type of differentiation can exist that convinces consumers the products are different even if physically identical?
2
30 sec
Q.
What is the demand curve like for a monopolistically competitive firm?
3
30 sec
Q.
In the long run, what happens to profits for a monopolistically competitive firm?
4
30 sec
Q.
In the long run, does a monopolistically competitive firm operate at the most efficient point?
5
30 sec
Q.
In a monopolistically competitive market, how does the number of firms compare to perfect competition?
6
30 sec
Q.
What rule do all types of firms in a monopolistically competitive market use to maximize profit?
7
30 sec
Q.
What affects the ability to sustain profits in a monopolistically competitive market?
8
30 sec
Q.
What happens if a monopolistically competitive firm is making a profit in the short run?
9
30 sec
Q.
What happens if a monopolistically competitive firm is losing money in the short run?
10
30 sec
Q.
What gives a monopolistically competitive firm a small amount of control over the price it can charge?
11
30 sec
Q.
In a monopolistically competitive market, what does the demand curve facing each producer look like?
12
30 sec
Q.
In the long run, what happens to a monopolistically competitive firm's profits?
13
30 sec
Q.
What is the important difference between a perfectly competitive firm and a monopolistically competitive firm in the long run?
14
30 sec
Q.
How does a monopolistically competitive market compare to a perfect competition and a monopoly in terms of product differentiation?
15
30 sec
Q.
What is the key characteristic of a monopolistically competitive market?
16
30 sec
Q.
In a monopolistically competitive market, how does demand for each producer compare to overall market demand?
17
30 sec
Q.
What happens to a monopolistically competitive firm in the long run if it is making a profit in the short run?
18
30 sec
Q.
How does a monopolistically competitive firm compare to a perfectly competitive firm in terms of efficiency in the long run?
19
30 sec
Q.
What is the main difference between a monopolistically competitive firm and a perfectly competitive firm in the long run?
20
30 sec
Q.
What is one key characteristic of a monopolistically competitive market?
21
30 sec
Q.
How does the demand curve for a monopolistically competitive firm compare to a perfectly competitive firm?
22
30 sec
Q.
In the long run, what happens to profits for a monopolistically competitive firm?
23
30 sec
Q.
What is a key difference between a monopolistically competitive firm and a perfectly competitive firm in the long run?
24
30 sec
Q.
How does product differentiation in a monopolistically competitive market affect pricing?
25
30 sec
Q.
What happens to a monopolistically competitive firm that is making a profit in the short run?
26
30 sec
Q.
How does the demand elasticity for a monopolistically competitive firm compare to a perfectly competitive firm?
27
30 sec
Q.
What role does product differentiation play in a monopolistically competitive market?
28
30 sec
Q.
How do profits for a monopolistically competitive firm in the short run differ from the long run?
29
30 sec
Q.
What happens to a monopolistically competitive firm that is losing money in the short run?
