* not completed

. In monopolistic competition:

Firms face a perfectly elastic demand curve correct incorrect

All products are homogeneous correct incorrect

Firms make normal profits in the long run correct incorrect

There are barriers to entry to prevent entry correct incorrect

* not completed

. In monopolistic competition:

Demand is perfectly elastic correct incorrect

Products are homogeneous correct incorrect

Marginal revenue = price correct incorrect

The marginal revenue is below the demand curve and diverges correct incorrect

* not completed

. In monopolistic competition firms profit maximize where:

Marginal revenue = Average revenue correct incorrect

Marginal revenue = Marginal cost correct incorrect

Marginal revenue = Average cost correct incorrect

Marginal revenue = Total cost correct incorrect

* not completed

. Which of the following is not one of the four Ps in marketing?

Product correct incorrect

Price correct incorrect

Place correct incorrect

Presence correct incorrect

* not completed

. Effective branding will tend to make:

Demand more price inelastic correct incorrect

Supply more price inelastic correct incorrect

Demand more income elastic correct incorrect

Supply more income elastic correct incorrect

* not completed

. In monopolistic competition if firms are making abnormal profit other firms will enter and:

The marginal cost of the firm will shift outwards correct incorrect

The demand curve for the firm will shift inwards correct incorrect

The average cost of the firm will shift downwards correct incorrect

The average variable cost of the firm will increase correct incorrect

* not completed

. In Porter's five forces model, conditions are more favourable for firms within an industry if:

Buyer power is high correct incorrect

Supplier power is high correct incorrect

Entry threat is low correct incorrect

Substitute threat is high correct incorrect

* not completed

. If a firm takes over a competitor then, according to Porter's 5 forces model:

Buyer power is higher correct incorrect

Supplier power is higher correct incorrect

Substitute threat is higher correct incorrect

Rivalry is lower correct incorrect

* not completed

. In marketing "USP" stands for:

Unique Selling Proposition correct incorrect

Underlying Sales Pitch correct incorrect

Unit Sales Point correct incorrect

Under Sales Procedure correct incorrect

* not completed

. In monopolistic competition:

There are few sellers correct incorrect

There are few buyers correct incorrect

There is one seller correct incorrect

There are many sellers correct incorrect