In monopolistic competition: (Multiple Choice)

In monopolistic competition
A) firms can earn long-run economic profit due to product differentiation.
B) firms are unable to earn economic profit over the long run.
C) firms can only earn accounting profits over the long-run.
D) firms can block entry.

QUESTION 2

Monopolistic competition is characterized by
A) ease of entry.
B) many sellers.
C) product differentiation.
D) all of these choices characterize this market.

QUESTION 3

In a monopoly, producer surplus is
A) larger than under perfect competition.
B) is equal to that under perfect competition.
C) smaller than under perfect competition.
D) None of these choices is true.

QUESTION 4

In a monopoly, consumer surplus is
A) larger than under perfect competition.
B) is equal to that under perfect competition.
C) smaller than under perfect competition.
D) None of these choices is true.

QUESTION 5

In a monopoly,
A) marginal revenue is greater than price.
B) marginal revenue is less than price.
C) the demand curve is horizontal.
D) marginal revenue and price are equal

QUESTION 6

Over the long run, monopolies can earn
A) economic profit.
B) normal profit only.
C) accounting profit only.
D) no economic profit.

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In monopolistic competition: (Multiple Choice)

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