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"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

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Lesson 09 Quiz

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Q Question 1 1 / 1 pts Compared to a perfectly competitive firm, the demand curve facing a monopolistically competitive firm is Question 2 1 / 1 pts The restaurant industry is an example of a(n). Question 3 1 / 1 pts Unlike a monopolist’s product, a monopolistically competitive firm’s product Question 4 1 / 1 pts Which of the following industries is most similar to monopolistic competition? Question 5 1 / 1 pts A monopolistically competitive firm

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1.less elastic. Because of product differentiation, if a monopolistically competitive firm raises its price, it will lose some, but not all of its customers. 2.monopolistically competitive industry. 3.has many close substitutes Firms in monopolistic competition produce differentiated products which are close substitutes for each other, 4.The pizza industry in State College The pizza industry in State College has many firms that produce differentiated products. It is also easy to enter and exit the industry. 5.must lower price to sell more output.