Demand and Marginal Revenue for a firm.
How Monopolistically firms maximize profit in the Short Run/Long Run
Monopolistic Competition and Perfect Competition
Marketing
Definitions
100
An increase in the price will result in a _________ in quantity demanded
What is Decrease?
100
To make a ________ is the most important thing in the slow run and the long run.
What is Profit?
100
Monopolistic competition or Perfect competition: Markets have no barriers of entry and exit.
What is Perfect Competiton.
100
You need _________ to sell a product to a customer.
What is Marketing?
100
A market structure in which there are few barriers to enter, and many firms compete by selling similar, but not identical, products.
What is Monopolistic Competition?
200
Marginal revenue curve slants (this way) because firms must cut prices to sell more products
What is downward?
200
The only way to make a profit in monopolistic competitive market is to make the price higher than the _________ ______.
What is Marginal Cost?
200
Monopolistic competition or Perfect competition: Products are similar but different
What is Monopolistic competition?
200
The three types of marketing are _______ _______ and __________
What is Brand Management, Advertising, and Trademarks?
200
The activities necessary for a firm to sell a product to a consumer
What is Marketing?
300
This is the impact that results from an increase in production on the utilization of a specific input.
What is Output Effect?
300
New technology is a way to increase profit in the ______(long or short) run.
What is Long Run.
300
Monopolistic competition or Perfect competition: Firms charge a price greater than marginal cost.
What is Monpolistic Competition?
300
Commericals and Bill boards are examples of this type of marketing.
What is Advertising?
300
The actions of a firm intended to maintain the differentiation of a product over time.
What is Brand Management?
400
This is the impact that a change in value has on the consumer demand for a product in the market
What is Price effect?
400
The way that the demand curve will shift when a new firm enters the market.
What is to the left?
400
Monopolistic competition or Perfect competition: All goods are substitutes.
What is Perfect competition?
400
A way to keep your products differentiated from your competitors.
What is Brand Management?
400
This grants legal protection against other firms using its product's name.
What is a Trademark?
500
The Marginal Revenue curve will always be ________ the demand curve.
What is Below?
500
When graphing short run profits, there is this many Marginal Revenue curves.
What is One?
500
Monopolistic competition or Perfect competition: Firms do not produce at minimum average total cost
What is Monopolistic Competition?
500
"Coke" is and example of this type of Marketing.
What is a Trademark?
500
This is the impact that a change in value has on the consumer demand for a product in the market
What is Price Effect?
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