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1. Monopolistic competition has three characteristics: a differentiated product, no significant barriers to entry, and few buyers and sellers.
1. Price leadership is generally considered an example of which of the following?
A. tacit collusion
B. explicit collusion
C. a tit for tat strategy
D. uncooperative behavior
E. None of these
1. Advertising about superior service is an example of nonprice competition.
1. Under both perfect competition and monopolistic competition, price equals minimum average total cost in the long run.
1. Under monopolistic competition, firms operate with _____.
A. average total cost is greater than its minimum possible value
B. marginal revenue equals marginal cost
C. marginal revenue is greater than marginal cost
D. price is greater than marginal revenue
E. marginal cost is greater than average cost
1. Both monopoly and monopolistic competition share which of the following features?
A. Downward sloping demand curve
B. No significant barriers to entry or exit
C. Strategic interdependence
D. None of these
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