ECON 1002 Microeconomics Final Exam (Qns & Ans) 2026

ECON 1002 Microeconomics Final Exam (Qns & Ans) 2026

1. Which of the following best defines "monopolistic
   competition"?
    - A) A market structure with a single seller.
    - B) A market structure with many firms selling differentiated
   products.
    - C) A market structure with a few firms selling identical
   products.
    - D) A market structure where there are no barriers to entry.
    - Correct ANS: B
    Rationale: Monopolistic competition involves many firms
   competing with products that are differentiated from one another.
   2. What is the primary effect of imposing a price ceiling on a
   market?
    - A) Increased revenue for producers.
    - B) Shortage in the market.
    - C) Surplus in the market.
    - D) Price stability.
    - Correct ANS: B
    Rationale: A price ceiling, set below equilibrium, leads to a
   shortage because the quantity demanded exceeds the quantity
   supplied.
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