Froggy Jumps Monopolistic Competition QuizVersión en línea Test your knowledge on monopolistic competition with these challenging questions! por sarah ayyad 1 What is a key characteristic of monopolistic competition? a Product differentiation b Perfect competition c Monopoly 2 In monopolistic competition, firms have some control over what? a Costs b Quantity c Price 3 What type of market structure is monopolistic competition? a Imperfect competition b Monopoly c Oligopoly 4 What is the demand curve facing a firm in monopolistic competition? a Downward-sloping b Perfectly elastic c Vertical 5 What is a similarity between monopolistic competition and monopoly? a Both involve market power b Oligopoly c Perfect competition 6 What is a difference between monopolistic competition and perfect competition? a Homogeneous products b Few firms c Product differentiation 7 What is a potential downside of monopolistic competition? a Excess capacity b Low profits c Efficiency 8 What is a key feature of monopolistic competition? a Price fixing b Non-price competition c Collusion 9 What is a common strategy used by firms in monopolistic competition? a Dumping b Price wars c Advertising 10 What is a challenge faced by firms in monopolistic competition? a Minimizing competition b Balancing product differentiation and costs c Maximizing quantity
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