33. Industries under monopolistic competition have: A. B. C. D. No barriers to e

Question

33. Industries under monopolistic competition have: A. B. C. D. No barriers to entry Significant barriers to entry Extremely high fixed cost Very strict regulations 34. Monopolistic competitors produce: A. Commodities B. Standardized products C. Differentiated products D. Inputs MC ATC 11 Quant 35 (using the information in Figure #5). The profit maximizing level of output for this monopolistic competitor is: A. 1 B. 3 C. 4 D. 6 36, (using the information in Figure #5). The profit maximizing price for this monopolist is: A. $5 B. $7 C. $9 D. $11 37, (using the information in Figure #5). In the short run, this monopolistic competitor is earning: A. Positive economic profit B. Negative economic profit

Explanation / Answer

Q33
Answer
Option A
no barrier to entry
the monopolistic competitive market has many firms and new firms can enter free of cost.
Q34
Answer
Option C
differentiated products
the monopolistic producers produce differentiated product so that have some monopoly power and downward demand curve.
Q35
Option B
3 units
The firm produces at MR=MC
where Q=3 units
Q36
Answer
Option C
the price is found from demand curve at the price which is $9

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