Q12. The point at which the supply curve and the demand curve intersect is the market price.
a. True
b. False
Q13. How does monopolistic competition differ from perfect competition?
a. There are more sellers in a market characterized by monopolistic competition.
b. It is easier for sellers to enter a market or industry characterized by monopolistic competition.
c. In a perfectly competitive market, products are more dissimilar.
d. In a market characterized by monopolistic competition, individual firms have some control over price.
e. In a perfectly competitive market, the size of the firms must be large.
Q19. Which of the following is characterized by having few sellers, similar prices among sellers, and difficult market entry?
a. oligopoly
b. pure competition
c. monopoly
d. monopolistic competition
e. state socialism
21. When evaluating a decision based on the ethical norm of utility, a manager is most likely to consider which of the following questions?
a. Is the decision consistent with what we regard as fair?
b. Does the decision respect the rights of the individuals involved?
c. Is the decision consistent with people's responsibility to each other?
d. Is the decision consistent with best management practice?
e. Does the decision optimize the benefits for those who are affected by it?