The Less Elastic a Monopolistic Competitor's Long-Run Demand Curve, the

question 28

Multiple Choice

The less elastic a monopolistic competitor's long-run demand curve, the

• A)greater its excess capacity.
• B)lower its price relative to that of a pure competitor having the same cost curves.
• C)higher its long-run economic profit.
• D)lower its average total cost at its equilibrium level of output.

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Definitions:

Compliment Close

A sales technique where the seller compliments the potential buyer in a genuine manner to create a positive end to a sales interaction, hoping to secure the sale.

Assumptive Close

A sales technique where the seller assumes that the customer has already decided to purchase and moves straight to the closing phase.

Closing Technique

A sales strategy or method employed to persuade a customer to make a purchase or commit to an action, effectively finalizing the deal.

Prospect Order

The action of a potential buyer indicating their intention to purchase a product or service, often considered a critical step in the sales process.