MICROECONOMICS QUIZ 8
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Which of the following is the best example of oligopoly?
automobile manufacturing
The economic inefficiencies (wastes) of monopolistic competition may be offset by the fact that:
consumers have a number of variations of the product and more products from which to choose
The restaurant, legal assistance, and clothing industries are each illustrations of:
monopolistic competition
Which of the following is a characteristic of monopolistic competition?
- relatively large numbers of sellers - relatively easy entry to the industry
The kinked-demand curve of an oligopolist is based on the assumption that:
competitors will follow a price cut but ignore a price increase
If the four-firm concentration ratio for industry X is 70:
the industry is oligopoly