Understanding Monopolistic Competition in Economics Video

Instructions:

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

question 1 of 3

As a market structure, monopolistic competition offers goods and services _____.

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1. Which of the following statements describes how prices work under monopolistic competition?

2. Which of the following statements about goods and services in a monopolistic competition is TRUE?

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About This Quiz & Worksheet

This quiz and worksheet combo will help you understand monopolistic competition. You will be quizzed on its definition and its relation to the price of products and services.

Quiz & Worksheet Goals

This quiz will test you on:

  • The environment needed in order for monopolistic competition to be
  • How prices are set within a monopolistic competition
  • The function of monopolistic competition as a market structure

Skills Practiced

This quiz and worksheet allows students to test the following skills:

  • Reading comprehension - ensure that you have retained the most important information regarding the definition of monopolistic competition
  • Making connections - utilize your knowledge of monopolistic competition to understand how products and services are produced
  • Knowledge application - assess your understanding of monopolistic competition by answering questions about the specific conditions that need to be present in order for one to be present

Additional Learning

To review concepts related to monopolistic competition, read through the brief lesson entitled Understanding Monopolistic Competition in Economics. This lesson will help you:

  • Learn the definition of a monopolistic competition
  • Understand the circumstances needed in order for one to exist
  • Recognize who sets prices within a monopolistic competition
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