QUESTION 111. Monopolistic competition has three characteristics: a differentiated product, no significant barriers to entry, and few buyers and sellers.TrueFalseQUESTION 121. Price leadership is generally considered an example of which of the following?A. tacit collusionB. explicit collusionC. a tit for tat strategyD. uncooperative behaviorE. None of theseQUESTION 131. Advertising about superior service is an example of nonprice competition.TrueFalseQUESTION 141. Under both perfect competition and monopolistic competition, price equals minimum average total cost in the long run.TrueFalseQUESTION 151. Under monopolistic competition, firms operate with _____.A. average total cost is greater than its minimum possible valueB. marginal revenue equals marginal costC. marginal revenue is greater than marginal costD. price is greater than marginal revenueE. marginal cost is greater than average costQUESTION 161. Both monopoly and monopolistic competition share which of the following features?A. Downward sloping demand curveB. No significant barriers to entry or exitC. Strategic interdependenceD. None of these
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