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NVCC ECO 202 Exam 2 Practice 1 Questions & Answers 2024/2025
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NVCC ECO 202 Exam 2 Practice 1 Questions & Answers 2024/2025
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NVCC ECO 202 Exam 2 Practice 1Questions & Answers 2024/2025
Monopolistic competition means - ANSWERSmany firms producing differentiated products
Non-price competition refers to - ANSWERSadvertising, product promotion, and changes in the real or
perceived characteristics of a product
A monopolistically competitive firm's marginal revenue curve: - ANSWERSis downsloping and lies below
the demand cruve
Monopolistically competitive firms - ANSWERSmay realize either profits or losses in the short run, but
realize normal profits in the long run
If all monopolistically competitive firms in the industry have profit circumstances similar to the firm show
above - ANSWERSnew firms will enter the industry
In a long-run equilibrium production for the firm shown in the diagram above is - ANSWERSless efficient
than in a purely competitive market
A significant benefit of monopolistic competition compared with pure competition is - ANSWERSgreat
product variety
In an oligopolistic market - ANSWERSproducts may be standardized or differentiated
Mutual interdependence means that each oligopolistic firm - ANSWERSmust consider the reactions of its
rivals when it determines its price policy
If the four-firm concentration ratio for industry X is 80: - ANSWERSthe flour largest firms account for 80
percent of total sales
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