If a Monopolistically Competitive Firm Raises Its Price, It

question 210

Multiple Choice

If a monopolistically competitive firm raises its price, it

• A)loses all of its customers (sales drop to zero)
• B)loses some, but not all, of its customers
• C)loses very few customers
• D)loses no customers at all
• E)gains customers (sales increase)

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Definitions:

Need For Achievement

A personal drive to excel or succeed in tasks, often indicative of motivation levels and goal-oriented behavior.

Group Responsibilities

The duties and tasks that are collectively held by members within a team or organization.

Two-Factor Theory

Identifies job context as the source of job dissatisfaction and job content as the source of job satisfaction.

Job Context

The environmental and situational factors surrounding a job, including physical conditions, work tasks, and the social and organizational setting, which affect an employee's performance and satisfaction.