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19/08/2026

7. Which of the following would most likely increase the demand for a firm's differentiated product?
A. Declining brand reputation
B. Successful product innovation
C. Entry of identical competitors
D. Loss of consumer loyalty

19/08/2026

46. An increase in consumer preference for a firm's brand will initially tend to
A. Shift its demand curve to the left
B. Shift its demand curve to the right
C. Eliminate its market power
D. Make its demand perfectly elastic

19/08/2026

45. In long-run equilibrium, entry of firms in monopolistic competition causes each existing firm's
A. Demand curve to shift outward
B. Demand curve to shift inward
C. Marginal cost to become zero
D. Product to become homogeneous

19/08/2026

44. A key difference between monopolistic competition and perfect competition is that
A. Firms in monopolistic competition sell differentiated products
B. Firms in perfect competition maximize profit
C. Perfect competition has many buyers
D. Both have firms that face downward-sloping demand

19/08/2026

43. A key difference between monopolistic competition and monopoly is that
A. Monopoly has many firms
B. Monopolistic competition permits relatively free entry
C. Monopoly has product differentiation
D. Monopolistic competition has only one seller

19/08/2026

42. Compared with oligopoly, a monopolistically competitive market generally has
A. Fewer firms
B. Greater strategic interdependence
C. Many relatively small firms
D. Significant barriers to entry

19/08/2026

41. In monopolistic competition, firms are mutually interdependent to the same degree as firms in
A. Perfect competition
B. Monopoly
C. Oligopoly
D. A public utility

18/08/2026

40. One major cost of product differentiation is
A. Elimination of consumer choice
B. Resources spent on advertising and branding
C. Complete absence of competition
D. Zero fixed costs

18/08/2026

38. One major benefit of monopolistic competition to consumers is
A. Complete elimination of competition
B. Greater variety of products
C. Guaranteed lowest possible prices
D. Permanent economic profits for firms

18/08/2026

38. Compared with perfect competition, monopolistic competition generally results in
A. Greater product variety
B. Identical products
C. No advertising
D. No market power

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