51. Refrigerator company is an example of O A. Oligopoly O B. Perfect competition O C. Monopoly O D. Bilateral monopoly 52. If a monopolistically competitive firm's marginal cost curve shifts upward, then its level of output O A. Could increase, decrease, or stay the same but more information is needed O B. Will decrease O C. Will increase O D. Will stay the same 53. Which of the following is a differentiated product? OA. A shirt O B. A hamburger O C. An automobile O D. All of the these 54. How many sellers are present in duopoly? O A. 1 OB. 2 O C.3 O D. 4 55. One difference between oligopoly and monopolistic competition is that A. More firms compete in oligopoly O B. Monopolistic competition has barriers to entry O C. In monopolistic competition, the products are identical O D. Fewer firms compete in oligopoly than in monopolistic competition 56. Firms in monopolistic competition make products that are O A. Perfect complements O B. Perfect substitutes O C. Close but not perfect complements O D. Close but not perfect substitutes 57. A characteristic of monopolistic competition is O A. A low ratio of fixed to variable costs O B. Product differentiation OC. A high capital-output ratio O D. The absence of advertising 58. In a perfectly competitive market, the type of decision a firm has to make is different in the short run than in the long run. Which of the following is an example of a perfectly competitive firm's short-run decision? O A. Whether or not to enter or exit an industry B. What price to charge buyers for the product O C. The profit-maximizing level of output O D. How much to spend on advertising and sales promotion 59. In a trade cycle after Depression phase is a O A. Prosperity phase O B. Revival phase O C. Recession phase D. No phase 60. Reflation is O A. Opposite of inflation O B. Same as deflation O C. A situation of rising prices deliberately undertaken to relieve depression O D. A situation of falling prices deliberately taken to relieve prosperity