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Monopolistic Competition

Matt Felix

Econ 002 Group 1

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6.What type of output does a monopolistic competitor have in comparison to a perfect competitor?
7.This occurs when a seller charges two or more prices for the same good or service.
10.People will choose one product over another, even though they’re the same, because of the buyer’s “this”.
12.In the long run, if firms are losing money, they will usually do this.
13.This is a typical type of monopolistic competitor that sells pharmaceuticals.
14.Who determines if the production is differentiated or identical?
15.Monopolistic competitors use “this” to differentiate their product from that of a competitor.
16.“This” trend takes product differentiation one step further to make a product totally unique.
17.What type of demand curve does a monopolistic competitor have in the short run?
19.“This” type of taste determines what we are willing to pay for a product.
21.How much economic profit does a firm make under monopolistic competition?
22.Most countries have more or less product selection than the United States?
24.In monopolistic competition the firm will break-‘this’ in the long run.
25.The perfect competitor is more “this” than the monopolistic competitor.
26.Advertising usually does “this” to a product’s sales.
27.A firm that practices price discrimination must be able to distinguish between two groups of “these”.
29.Perfect competitors cannot provide you a sense of “this”.
30.A Toyota Camry and a Corvette are differentiated “these”.
31.Products can differentiate through “this” property.
33.Before services like Medicare, Medicaid, and private health insurance existed, these people usually practiced price discrimination?
35.What type of price does a monopolistic competitor charge in comparison to a perfect competitor?
36.True or False: Product differentiation is the only thing that keeps us from having perfect competition.
37.What is more efficient, the monopolistic competitor or the perfect competitor?
38.What kind of information does a monopolistic competitor operate with?
1.In the short run can a monopolistic competitor make profit, lose profit, or both?
2.Advertising lets the playing field become more “this”.
3.What one word describes the difference between monopolistic competition and perfect competition?
4.Making a product “this” can cut prices, but it eliminates monopolistic competition.
5.What is an industry that has many firms producing differentiated products?
8.What percentage of firms in the United States are monopolistic competitors?
9.True or False: Advertising is always a good thing.
11.Is it easy or difficult for firms to enter and leave the industry under monopolistic competition?
17.Product differentiation adds this to our lives.
18.When a competitor is able to set their firm apart from another firm successfully, their demand curve becomes more “this”.
20.This element of a product helps to make perfect competition turn into monopolistic competition.
23.This “coffee giant” does a wonderful job when it comes to price discrimination.
28.Most of “these” types of businesses are monopolistic competitors.
31.If a firm practicing price discrimination knew their market so well that each customer’s demand schedule became a separate market, what type of price discrimination would be used?
32.Advertising can boost the “this” of a good, in turn increasing the price of it.
34.Total Profit= (Price-ATC) x “This”

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