Features of Monopolistic Competition

Economics ⇒ Markets and Price Determination

Features of Monopolistic Competition starts at 11 and continues till grade 12. QuestionsToday has an evolving set of questions to continuously challenge students so that their knowledge grows in Features of Monopolistic Competition. How you perform is determined by your score and the time you take. When you play a quiz, your answers are evaluated in concept instead of actual words and definitions used.

See sample questions for grade 12

Describe the effect of product differentiation on the pricing power of firms in monopolistic competition.

Describe the impact of free entry and exit on the profits of firms in monopolistic competition in the long run.

Describe the role of non-price competition in monopolistic competition.

Explain the concept of product differentiation in monopolistic competition.

Explain the meaning of 'large number of buyers and sellers' in monopolistic competition.

Explain the role of selling costs in monopolistic competition.

Explain the significance of free entry and exit in monopolistic competition.

Explain why firms in monopolistic competition do not produce at the minimum point of their average cost curve.

Explain why the demand curve of a firm in monopolistic competition is more elastic than that of a monopoly.

Explain why there is excess capacity under monopolistic competition in the long run.

List any two features of monopolistic competition.