Other questions in this quiz

2. In monopolistic competition, the demand curve is ?

  • Relatively elastic
  • Perfectly elastic
  • Perfectly inelastic
  • Relatively inelastic

3. Firms in monopolistic competition are only going to make what profit in the long run?

  • Normal profit
  • Abnormal profit

4. In monopolistic competition, is being productive efficiency achieved?

  • Productive efficiency is not being achieved, since in the short run and long run, the firm is operating on the downward-sloping part of the AC curve
  • Productive efficiency is being achieved, since in the short run and long run, the firm is operating at the lowest point of the AC curve

5. In both short run and long run - in terms of allocative efficiency...

  • P>MC
  • P=MC
  • P<MC
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Take a break from reading with a quick 10 question quiz on monopolistic competition. It may point out your learning needs.

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