Concept 8 Practice Quiz

1. 1In a monopolistic competitive industry, firms can try to differentiate their products by
   
   

   1. Acreating optimal perceptions of the product.
   2. Bchoosing optimal locations from which the product is sold.
   3. Cenhancing the intangible aspects of the product.
   4. Denhancing product’s physical aspects and all of the above.
2. 2As the name monopolistic competition implies, a firm’s decisions in this setting will in certain ways resemble a ______________ and in other ways resemble________________ .
   
   

   1. Amonopoly; perfect competition
   2. Bmonopoly; imperfect competition
   3. Cimperfect competition; perfect competition
   4. Dimperfect competition; oligopoly
3. 3_____________ occurs when circumstances have allowed several large firms to have all or most of the sales in an industry.
   
   

   1. AAn oligopoly
   2. BCollusion
   3. CA monopoly
   4. DA cartel
4. 4If oligopolists compete hard against each other,
   
   

   1. Azero profits result for all.
   2. Bthey end up acting very much like imperfect competitors.
   3. Ccosts for all are driven up.
   4. Dthey end up acting very much like monopolistic competitors.

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ECON 2203 Quiz on Concept 8 Practice Quiz, created by Adam Peterson on 18/06/2018.

Author

Adam Peterson

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