Davenport ECON625 Final Exam/Davenport ECON625 Final Exam

  
Question
Question 1
In the long run, the most helpful action that a monopolistically competitive firm can take to maintain its economic profit is to
continue its efforts to differentiate its product.
raise its price.
lower its price.
do nothing, because it will inevitably experience a decline in profits
Question 2
The four-firm concentration ratio
indicates the total profitability among the top four firms in an industry
is an indicator of the degree of monopolistic competition.
indicates the presence and intensity of an oligopoly market.
is used by the government as a basis for anti-trust cases.
Question 3
Which of the following industries is most likely to represent the monopolistic competition market structure?
automobiles
tobacco products
restaurants

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