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Characteristics of Monopolistic Competition

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which one is NOT a characteristic of monopolistic competition?

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1. High profits due to carrying a unique product happens when?

2. Having more product than what is actually demanded is known as what?

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About This Quiz & Worksheet

The worksheet and quiz are tools designed to assess your knowledge of monopolistic competition factors. You will be quizzed on characteristics of this form of competition.

Quiz & Worksheet Goals

In these materials, you will be tested on:

  • Products in monopolistic competition
  • Term referring to companies making their products unique with shape, design or color
  • Qualities of this form of competition
  • Having more product than what is actually needed
  • When high profits for a product occurs

Skills Practiced

Develop these skills by working through the quiz/worksheet combo:

  • Information recall - access the knowledge you have gained regarding products used in a monopolistic competition to identify a true statement about them
  • Defining key concepts - ensure that you can accurately define main phrases, such as physical differentiation and excess capacity
  • Reading comprehension - ensure that you draw the most important information from the related business lesson

Additional Learning

Learn more about these factors by reading through the lesson titled Characteristics of Monopolistic Competition. In this lesson, you will have the chance to look over these additional topics:

  • Meaning of monopolistic competition
  • Risk factors of this type of competition
  • Equilibrium in the long run
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