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Chapter 8—Monopolistic Competition and Oligopoly
MULTIPLE CHOICE
1. In conditions of monopolistic competition,

a. each firm charges the same price.
b. there are only two producers.
c. there are many firms.
d. products are identical.
ANS: C PTS: 1 DIF: Easy NAT: BUSPROG: Analytic
TOP: A-Head: Monopolistic Competition KEY: Bloom's: Knowledge
2. In a market of monopolistic competition, there will be

a. a kink in the demand curves for the output of the individual sellers.
b. product differentiation.
c. a substantial substitution effect whenever any one firm changes its price.
d. All of these.
ANS: B PTS: 1 DIF: Easy NAT: BUSPROG: Analytic
3. Which of the following is not a condition of monopolistic competition?

a. firms produce a similar product
b. products are differentiated
c. advertising may exist
d. each firm charges the same price for its output
ANS: D PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic
4. One reason firms in monopolistic competition can charge different prices is that their products are
a. identical.
b. similar.
c. differentiated.
d. guaranteed.
TOP: A-Head: Monopolistic Competition KEY: Bloom's: Comprehension
5. Agreement between firms in an industry to set a certain price or to share a market is

a. a coordinating practice.
b. a competitive practice.
c. the substitution effect.
d. a collusive practice.
ANS: D PTS: 1 DIF: Easy NAT: BUSPROG: Analytic
TOP: A-Head: Oligopoly KEY: Bloom's: Comprehension
6. Under monopolistic competition, a firm’s marginal revenue curve is

a. identical to the average revenue curve.
b. above the average revenue curve.
c. below the average revenue curve.
d. unrelated to the average revenue curve.
ANS: C PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic
TOP: B-Head: Short Run Price and Profit KEY: Bloom's: Analysis
7. Under conditions of monopolistic competition, a firm maximizes profits where

a. MR equals AR.
b. MR equals AVC.
c. AR equals ATC.
d. MR equals MC.
8. A firm is making a profit under conditions of monopolistic competition if, at the equilibrium output,
a. AR is above MR.
b. MR is above AR.
c. AR is above AVC.
d. AR is above ATC.
9. If a firm in monopolistic competition is neither making a profit nor suffering a loss, its AR curve is
a. horizontal.
b. touching its AVC curve.
c. touching its ATC curve.
d. below its MR curve.
TOP: B-Head: Long Run Equilibrium KEY: Bloom's: Analysis
10. The closer monopolistic competition gets to perfect competition

a. the more vertical the AR curve.
b. the more horizontal the AR curve.
c. the greater the difference between AR and MR.
d. the greater the profit.
ANS: B PTS: 1 DIF: Challenging NAT: BUSPROG: Analytic
TOP: B-Head: Long Run Equilibrium KEY: Bloom's: Synthesis
11. The greater the product differentiation,

a. the more elastic a firm’s demand curve.
b. the less elastic a firm’s demand curve.
c. the less the price difference between competing firms.
d. the closer to perfect competition.
TOP: B-Head: Long Run Equilibrium KEY: Bloom's: Synthesis
12. Oligopoly is a market structure in which

a. there are only two sellers.
b. there are relatively few producers.
c. no firm can influence price.
d. there are many producers.
TOP: A-Head: Oligopoly KEY: Bloom's: Knowledge
13. Oligopoly is a market structure in which

a. nonprice competition is seldom used.
b. all producers are selling identical or similar products.
c. there are many sellers with differentiated products.
d. administered pricing is rarely practiced.
TOP: A-Head: Oligopoly KEY: Bloom's: Knowledge
14. Under oligopolistic market conditions,

a. the pricing actions of any one firm have no significant effect on the others.
b. the pricing actions of any one firm have a significant effect on the others.
c. no firm can have any control over its output price.
d. all firms have identical prices for their products.
15. Under oligopoly, collusive practices to fix prices are more likely to take place if
a. market demand is highly elastic.
b. market demand is highly inelastic.
c. there are a large number of firms in the industry.
d. both market demand is highly inelastic and there are a large number of firms in the
industry.
TOP: B-Head: Determining Oligopoly Price KEY: Bloom's: Synthesis
16. A kinked demand curve is associated with

a. perfect competition.
b. monopolistic competition.
c. an oligopoly.
d. public utilities.
TOP: B-Head: Determining Oligopoly Price KEY: Bloom's: Knowledge
17. A kinked demand curve is most likely to occur when other firms
a. follow any change in price by a rival firm.
b. engage in collusive practices.
c. follow a downward change in price but not an upward change by a rival firm.
d. ignore any change in price by a rival firm.
TOP: B-Head: Determining Oligopoly Price KEY: Bloom's: Analysis
18. A kinked demand curve

a. results from the heavy advertising expense required.
b. occurs because, when one seller lowers the price, no one else will do so.
c. is a basic characteristic of monopolistic competition markets.
d. tends to be inelastic for price decreases and elastic for price increases.
ANS: D PTS: 1 DIF: Challenging NAT: BUSPROG: Analytic
TOP: B-Head: Determining Oligopoly Price KEY: Bloom's: Analysis
19. In an oligopoly, following a rival’s decrease in price tends to eliminate the
a. income effect.
b. substitution effect.
c. multiplier effect.
d. random effect.
20. The best example of an oligopolistic industry in the United States is

a. gas stations.
b. grocery stores.
c. automobile production.
d. farming.
TOP: A-Head: Oligopoly KEY: Bloom's: Application
21. An administered price is a price

a. set by overall demand and supply.
b. established by a seller.
c. set by the government.
d. determined through collective bargaining.
TOP: B-Head: Price Stability KEY: Bloom's: Knowledge
22. An oligopoly showing no economic profit or loss has

a. an AR curve tangent to the lowest point of its ATC curve.
b. an AR curve tangent to its ATC curve to the left of the lowest point.
c. an MR curve above its AR curve.
d. an AR curve that crosses its ATC curve.
TOP: B-Head: Determining Oligopoly Price KEY: Bloom's: Evaluation
23. Requiring the buyer of one good to purchase another good as well is termed
a. predatory pricing.
b. price discrimination.
c. tying contracts.
d. exclusive dealing.
TOP: B-Head: Clayton Act KEY: Bloom's: Knowledge
24. The first act to declare monopolies illegal in the United States was the
a. Sherman Antitrust Act.
b. Clayton Act.
c. Federal Trade Commission Act.
d. Robinson-Patman Act.
ANS: A PTS: 1 DIF: Easy NAT: BUSPROG: Analytic
TOP: B-Head: Sherman Antitrust Act KEY: Bloom's: Knowledge
25. In 1911, the Supreme Court established the rule of reason. This rule held that
a. the Sherman Antitrust Act made only unreasonable restraints of trade illegal.
b. the Court was entering a new deductive stage of reasoning.
c. the Sherman Antitrust Act made the mere size of a firm an offense.
d. All of these.
ANS: A PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic
26. Regarding U.S. antitrust activity, the rule of reason was expressed in the
a. Standard Oil case.
b. Robinson-Patman Act.
c. Clayton Act.
d. ALCOA case.
27. An effective way in which patents allow manufacturers to prevent the entry of new firms into the
industry is through
a. creating perfectly inelastic demand.
b. threats of infringement suits.
c. creating tying contracts.
d. threats of triple damages.
ANS: B PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic
28. Selling at unreasonably low prices in order to destroy competing firms is known as
a. administered pricing.
b. price discrimination.
c. collusive practices.
d. predatory pricing.
ANS: D PTS: 1 DIF: Easy NAT: BUSPROG: Analytic
29. In monopolistic competition, the number of firms

a. is so large that the actions of any one firm have little effect on the others.
b. is so small that the actions of any one firm have little effect on the others.
c. is so large that the actions of any one firm have a substantial effect on the others.
d. is so small that the actions of any one firm have a substantial effect on the others.
30. When one firm lowers its price, its gain in sales at the expense of other firms is known as
a. administered sales.
b. the substitution effect.
c. the collusive effect.
d. product differentiation.
31. The demand curve for the output of an individual firm in monopolistic competition is
a. more elastic than the market demand curve.
b. less elastic than the market demand curve.
c. equivalent to the market demand curve.
d. perfectly elastic.
ANS: A PTS: 1 DIF: Easy NAT: BUSPROG: Analytic
TOP: B-Head: Short Run Price and Profit KEY: Bloom's: Comprehension
32. If firms in monopolistic competition are earning short-run profits,

a. barriers to entry will allow the profits to continue in the long run.
b. total supply in the market will decrease in the long run as firms reduce output to keep
prices high.
c. the entry of new firms will eliminate the profits in the long run.
d. each existing firm will experience an increase in its average revenues in the long run.
33. Under which type of market structure is the firm’s pricing decision the most difficult?
a. perfect competition
b. monopoly
c. monopolistic competition
d. oligopoly
34. For identical cost conditions, the long-run equilibrium price under any form of imperfect competition
is ____ than the long-run equilibrium price in perfect competition because of ____.
a. higher; perfectly elastic demand in imperfect competition.
b. higher; less than perfectly elastic demand in imperfect competition.
c. lower; perfectly elastic demand in imperfect competition.
d. lower; less than perfectly elastic demand in imperfect competition.
TOP: A-Head: Perfectly Competitive Pricing Versus Monopolistic Pricing
KEY: Bloom's: Synthesis
35. The Federal Trade Commission

a. prevents mergers that substantially lessen competition.
b. rules on the antitrust activities of labor unions.
c. issues patents.
d. polices deceptive advertising.
TOP: B-Head: Federal Trade Commission Act KEY: Bloom's: Evaluation
36. A cartel is
a. a type of formal collusion.
b. a type of informal collusion.
c. characterized by a kinked demand curve.
d. a form of monopolistic competition.
TOP: B-Head: Cartels KEY: Bloom's: Comprehension
37. Which of the following will cause a cartel to be unstable?

a. a small number of firms
b. high barriers to entry
c. sharply differentiated products
d. lack of legal constraints
ANS: C PTS: 1 DIF: Challenging NAT: BUSPROG: Analytic
TOP: B-Head: Cartels KEY: Bloom's: Evaluation
38. Assume an industry is comprised of three firms—A, B, and C. Firm A controls 50 percent of the
market, Firm B controls 30 percent, and Firm C controls 20 percent. What is the value of the
Herfindahl Index?
a. 100
b. 200
c. 2,600
d. 3,800
ANS: D PTS: 1 DIF: Challenging NAT: BUSPROG: Analytic
TOP: B-Head: Measurement of Concentration KEY: Bloom's: Evaluation
39. In a purely competitive market, the Herfindahl Index would have a value approaching
a. 1.
b. 100.
c. 0.
d. infinity.
40. In a monopoly, the Herfindahl Index is

a. 100.
b. 10,000.
c. 0.
d. 10.
ANS: B PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic
41. Game theory is a tool to analyze

a. the pricing strategy in perfect competition.
b. the price set by a monopoly.
c. independence among firms.
d. mutual interdependence among firms.
TOP: B-Head: Game Theory KEY: Bloom's: Comprehension
42. The oligopolist’s dilemma is similar to the

a. dilemma that firms in perfect competition face in setting price.
b. dilemma a monopolist faces in determining output.
c. prisoner’s dilemma.
d. dilemma a firm in monopolistic competition faces in determining price and output.
TOP: B-Head: Game Theory KEY: Bloom's: Synthesis
43. An oligopsony exists when

a. a few sellers dominate a market.
b. a few buyers dominate a market.
c. a single buyer dominates a market.
d. a single seller dominates a market.
TOP: A-Head: Competition Among Consumers KEY: Bloom's: Knowledge
44. Monopsonistic competition

a. exists when there are many buyers offering differentiated conditions for sellers.
b. is very prevalent in the U.S. economy.
c. exists when a great number of firms hire labor, offering a variety of working conditions
and fringe benefits.
d. All of the above.
45. Refer to the graph below. The solid kinked demand curve would most likely be observed by a firm
operating within
a. perfect competition.
b. pure monopoly.
c. an oligopoly.
d. monopolistic competition.
TOP: B-Head: Determining Oligopoly Price KEY: Bloom's: Comprehension
46. Refer to the table below for a prisoner’s dilemma. Frank and George are arrested and charged with
armed robbery. They are isolated in separate interrogation rooms and therefore are not allowed to
engage in collusion to collectively deny committing the crime. The table shows the four possible
outcomes for denial and confession for Frank and George. The payoff to Frank is in the upper corner
of each box, and the payoff to George is in the lower corner of each box. The most likely outcome is
a. for both to confess and spend 5 years in prison.
b. for both to deny and spend 2 years in prison.
c. for George to deny and spend 10 years in prison and Frank to confess and spend 1 year in
prison.
d. for George to confess and spend 1 year in prison and Frank to deny and spend 10 years in
prison.
ANS: A PTS: 1 DIF: Challenging NAT: BUSPROG: Analytic
TOP: B-Head: Game Theory KEY: Bloom's: Evaluation
47. Refer to the table below for an oligopolist’s dilemma. Gillette and Schick are two companies
competing in the same oligopoly market. The profit payoff for Gillette is shown in the upper corner of
each box, and the profit payoff for Schick is shown in the lower corner of each box. If they do not
cooperate the most likely price charged by each firm will be
a. $8 charged by both companies.

b. $6 charged by both companies.
c. $8 charged by Gillette and $6 charged by Schick.
d. $8 charged by Schick and $6 charged by Gillette .
48. Refer to the table below for an oligopolist’s dilemma. Gillette and Schick are two companies
competing in the same oligopoly market. The profit payoff for Gillette is shown in the upper corner of
each box, and the profit payoff for Schick is shown in the lower corner of each box. If they cooperate
and undertake price collusion the most likely price charged by each firm will be
a. $8 charged by both companies.

b. $6 charged by both companies.
c. $8 charged by Gillette and $6 charged by Schick.
d. $8 charged by Schick and $6 charged by Gillette .
ANS: A PTS: 1 DIF: Challenging NAT: BUSPROG: Analytic
TRUE/FALSE
1. Firms in monopolistic competition sell a similar but differentiated product.
ANS: T PTS: 1 DIF: Easy NAT: BUSPROG: Analytic

2. All firms in monopolistic competition must sell at the same price.
ANS: F PTS: 1 DIF: Easy NAT: BUSPROG: Analytic

3. In monopolistic competition, overall demand and supply may set a market price, but firms can deviate
from that price within a small range without substantially affecting their sales.
ANS: T PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic

TOP: B-Head: Short Run Price and Profit KEY: Bloom's: Knowledge
4. The best example of monopolistic competition in the United States is the steel industry.
ANS: F PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic

TOP: A-Head: Monopolistic Competition KEY: Bloom's: Application
5. In monopolistic competition, there is no need for advertising.

6. As more firms enter a monopolistic competitive industry, average revenue will fall for existing firms.

7. In an oligopoly, the pricing policy of each firm is independent of that of other firms.
ANS: F PTS: 1 DIF: Easy NAT: BUSPROG: Analytic

TOP: B-Head: Determining Oligopoly Price KEY: Bloom's: Comprehension
8. A kinked demand curve results when one firm’s price changes are followed downward but not upward
by competing firms.
ANS: T PTS: 1 DIF: Challenging NAT: BUSPROG: Analytic

9. In the long run, economic profits tend to be eliminated under conditions of monopolistic competition.

TOP: B-Head: Long Run Equilibrium KEY: Bloom's: Comprehension
10. Predatory pricing involves charging different customers different prices for the same good.

TOP: B-Head: Clayton Act KEY: Bloom's: Synthesis
11. Forms of imperfect competition include monopoly, oligopoly, and monopolistic competition.

TOP: A-Head: Market Structure in the United States KEY: Bloom's: Knowledge
12. Oligopsony refers to a market in which there are a few buyers.

13. Monopsonistic competition is a market in which there are only a few sellers but each offers different
conditions to sellers.

14. The rule of reason applies to antitrust activity.

15. The Clayton Act brought labor unions under the jurisdiction of the antitrust laws.

16. The rule of reason states that monopolies that behave well are still illegal.

17. Advertising is considered a form of product differentiation.

18. Oligopolies always produce differentiated products.

19. Price stability is common in oligopolies.

TOP: B-Head: Price Stability KEY: Bloom's: Comprehension
20. Perfect competition always provides a lower price than monopolistic competition or an oligopoly.

TOP: A-Head: Perfectly Competitive Pricing Versus Monopolistic Pricing
KEY: Bloom's: Comprehension
21. The Clayton Act prohibits price discrimination, if it substantially reduces competition.

22. A four-firm concentration ratio indicates the number of firms in the industry.

TOP: B-Head: Measurement of Concentration KEY: Bloom's: Knowledge
23. The Herfindahl Index is calculated by summing the squares of the market shares of each firm in the
industry.

TOP: B-Head: Measurement of Concentration KEY: Bloom's: Knowledge
ESSAY
1. How can increased competition lead to some form of imperfect competition, such as an oligopoly?
ANS:
Competition can encourage firms to expand to take advantage of economies of scale and lower their
average production costs. As their total output increases, market demand can now be satisfied with
fewer firms. Smaller firms whose average production costs are higher will be unable to match the
lower prices of firms with economies of scale. The smaller firms experience a reduction in AR, leading
to losses and forcing them to leave the industry. If enough firms are squeezed out of business, the
industry could end up as an oligopoly or even as a monopoly.
PTS: 1 DIF: Challenging NAT: BUSPROG: Analytic
2. How can an oligopolist make a profit at a given price, whereas a firm in perfect competition might
suffer a loss at that same price?
ANS:
If the oligopoly operates on a larger scale than the firm in perfect competition and experiences
significant economies of scale, the oligopoly has a lower ATC curve. Consequently, it can make a
profit at a price where the firm in perfect competition might take a loss.

3. Explain the significance of the price elasticity of demand along the kinked demand curve.
ANS:
The kinked demand curve assumes that competing firms will ignore one firm’s price increases and
imitate its price decreases. Therefore, demand for the single firm’s output is elastic for price increases
and inelastic for price decreases. This makes price competition unprofitable for the individual firm
since both price increases and price decreases lead to lower total revenue. Under these conditions,
there is little incentive for the individual firm to change its price or output. Such oligopolies tend to
have stable prices and to emphasize nonprice competition—especially product differentiation and
advertising.

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PLATE CCCCLXVI.
GOODENIA TENELLA.
Slender Goodenia.
CLASS V. ORDER I.
P E N TA N D R I A M O N O G Y N I A . F i v e C h i v e s . O n e P o i n t a l .
ESSENTIAL GENERIC CHARACTER.
Corolla 5-fida, supra longitudinaliter fissa, genitalia exserens. Stigma
urceolatum, ciliatum.
Blossom five-cleft, longitudinally cloven on the upper side, exposing the
organs of generation. Summit cup-shaped, and fringed.
SPECIFIC CHARACTER.
Goodenia tenella, foliis prostratis, spathulatis, margine leviter pilosis.
Flores plures, germinantes a duabus bracteis oppositis; corollis luteis: petalis
duobus superioribus maculatis. Rami graciles, longi, emergentes a radice,
terram comprimunt, et postea adscendunt.
Goodenia with slender stems, prostrate leaves which are spathula-
shaped, with lightly haired margins. Flowers numerous, branching out from
two opposite floral leaves. Blossoms yellow: the two upper petals are
spotted. Branches slender, long, and emerging from the root, press the earth,
and afterward ascend.
REFERENCE TO THE PLATE.
1. The empalement.
2. A blossom spread open.
3. Seed-bud, chives, and pointal, magnified.
This delicate new Goodenia represents the entire plant, as communicated to
the author by the Comtesse de Vandes, in whose choice collection near
Bayswater it flowered for the first time. It is certainly one of the most
graceful plants hitherto introduced from New South Wales. Its general
exterior approaches very near a generic division of Goodenia called Velleia,
and is by Labillardiere figured under the title Velleia trinervis. The
abundance and succession of its bright yellow blossom, joined to its light an
airy appearance, will no doubt insure it a place in most collections.
PLATE CCCCLXVII.
LY T H R U M F R U T I C O S U M .
Shrubby Lythrum.
CLASS XII. ORDER I.
D O D E C A N D R I A M O N O G Y N I A . Tw e l v e C h i v e s . O n e
Pointal.
GENERIC CHARACTER.
Calyx. Perianthium monophyllum, cylindraceum: denticulis duodecim,
alternis minoribus.
Corolla. Petala sex, oblonga, obtusiuscula, patentia: unguibus in
incisuras calycis insertis.
Stamina. Filamenta 12, longitudine calycis, supra: infra breviora.
Antheræ simplices, incumbentes.
Pistillum. Germen oblongum. Stylus subulatus, longitudine staminum,
declinatus. Stigma orbiculatum.
Pericarpium. Capsula oblonga, acuminata, loculamentis duobus tecta.
Semina numerosa, parva.
Empalement. Cup one-leaved, cylindrical, twelve-toothed: the alternate
ones the smallest.
Blossom. Petals six, oblong, bluntish, and spreading: the ungues or claws
are inserted into the divisions of the calyx.
Chives 12 filaments the length of the calyx, above, shorter beneath. Tips
simple, and lying on them.
Pointal. Seed-bud oblong. Shaft awl-shaped, the length of the stamens,
bent downward. Summit orbicular.
Seed-vessel. Capsule oblong, sharp-pointed, covered with two
loculaments.
Seeds numerous, and small.
SPECIFIC CHARACTER.
Lythrum fruticosum: foliis oppositis, alternis, lanceolatis. Flores in
racemis axillaribus in numeris irregularibus: corollis tubæformibus,
coccineis. Sponte nascens in provinciis borealibus Hindostani.
Lythrum with a shrubby stem. Leaves opposite, alternate, and lance-
shaped. Flowers grow in clusters from the axillæ of the leaves in irregular
numbers. Blossoms trumpet-shaped, of a scarlet colour. It grows wild in the
northern provinces of Hindostan.
1. A blossom spread open, one tip magnified.
2. The same shown from the outer side.
3. The seed-bud and pointal.
4. A capsule.
5. The same cut transverse.
This plant seems to have been hitherto but imperfectly known, having been
figured among Dr. Roxburgh’s Coromandel Plants, vol. i. p. 20, under the
title of Grislea tomentosa. It has recently received another new generic title;
but upon examination we find it to be the Lythrum of Linnæus; in which
opinion the author is sanctioned by the concurrence of some of the ablest
botanists of the present day. This handsome shrub is described in the 4th vol.
of the Asiatic Researches, under the native title of D.hawry, and is said to
grow wild on the hills and banks of rivulets in the northern part of
Hindostan, where it is as much esteemed for its utility as its beautiful red
flowers, which are gathered both for the use of dyers and apothecaries; the
latter giving an infusion of them as a cooling medicine. When used in
dyeing, they lose their colour, and only yield a slight brownish tincture to the
water; so that the benefit derived from them when used with [A]Aal seems
to depend solely on their action as an astringent, and which appears to be
confirmed by the substituting of [B]Purwas, a strong astringent, as an
equivalent for the flowers of the D.hawry. It is at present treated as a hot-
house plant, but would in all probability succeed very well in the careful
treatment of the green-house. The figure was taken from a fine plant in the
nursery of Messrs. Colville.
[A] Aal, the native name of the Morinda plant, a tree of a middling size
cultivated to a great extent for the purpose of dyeing cloth red, and is more
esteemed for its duration than its beauty, and forms an important branch in
the commerce of the province of Mâlava.
[B] Purwas, a kind of gall nut containing the exuviæ of a small insect
found on a species of Mimosa.
PLATE CCCCLXVIII.
ALOE ARBORESCENS.
Tree Aloe.
CLASS VI. ORDER I.
HEXANDRIA MONOGYNIA. Six Chives. One Pointal.

GENERIC CHARACTER.
Calyx nullus.
Corolla. Monopetala, erecta, sexfida, oblonga. Tubus gibbus. Limbi
patuli, parvi, fundo nectarifero.
Stamina. Filamenta sex, subulata, longitudine corollæ, fere ultra,
receptaculo inserta. Antheræ oblongæ, incumbentes.
Pistillum. Germen ovatum. Stylus simplex, longitudine staminum.
Stigma obtusum, trifidum.
Pericarpium. Capsula oblonga, trisulca, trilocularis, trivalvis.
Semina plura, angulata.
Obs. A. variegata sola habet stigma et stamina declinata.
Empalement none.
Blossom. One petal, upright, six-cleft, oblong. Tube gouty. Limbs
spreading and small, with honey at their base.
Chives. Threads six, awl-shaped, the length of the blossom, and scarcely
above it, inserted into the receptacle. Anthers oblong, and incumbent.
Pointal. Seed-bud ovate. Shaft simple, the length of the stamens.
Summit obtuse, and three-sided.
Seed-vessel. Capsule oblong, 3-furrowed, 3-celled, 3-valved.
Seeds many and angular.
Obs. A. variegata simply has the pointal and stamens bent downwards.
SPECIFIC CHARACTER.
Aloe arborescens: floribus spicatis rubescentibus, apice viridibus: foliis
porrectis, lanceolatis, carneis, apice recurvatis, marginibus serratis: caule ad
basin nudo, superne foliis circumsesso.
Aloe with a tree-like stem. Flowers grow in spikes of a soft red colour,
green at the ends. Leaves straight out, lance-shaped, fleshy, and recurved,
with sawed margins. Stem naked at the base, surrounded by the leaves on the
upper part.
1. A leaf.
2. A flower spread open.
3. Seed-bud and pointal.
4. Miniature representation of the plant.
This fine tall plant has been but rarely seen in bloom near town. The
specimen from which our figure was made, was sent to London by the Rev.
George Reading Leathes, from his collection at Bury St. Edmund’s, to his
friend sir T. G. Cullum, bart. and obligingly communicated to us by that
gentleman. It grows twelve feet high, and is considered as one of the loftiest
of the Aloe tribe (the dichotoma and ferox excepted), the former of which is
said to arrive sometimes to the enormous height of twelve feet in
circumference round the stem, twenty feet high, and four hundred round the
extremity of the branches. Colonel Paterson, in his Travels in Africa,
mentions, that after crossing the Cousie or Sand River he visited a European
and his family, who with their cattle had no other tenement but what nature
had furnished them with in the Aloe dichotoma.
PLATE CCCCLXIX.
P R O T E A C O R O N ATA .
Crown-flowered Protea.
CLASS IV. ORDER I.
TETRANDRIA MONOGYNIA. Four Chives. One Pointal.

Corolla 4-fida, seu 4-petala. Antheræ lineares, petalis infra apices
insertæ. Calyx proprius, nullus. Sem. solitaria.
Blossom four-cleft, or of four petals. Tips linear, inserted into the petals
below the points. Cup proper, none. Seeds solitary.
SPECIFIC CHARACTER.
Protea foliis lanceolatis, obliquis, transverse et horizontaliter sitis,
marginibus tomentosis: squamis calycinis superioribus spathulatis, angustis,
tomentosis, margine piloso, incarnatis: squamis infra lato-ovatis, tomentosis,
intus melliferis: caulis erectus, sesquipedalis.
Protea with lance-shaped oblique leaves standing sideways in a
horizontal direction, with downy edges. The upper scales of the empalement
are spathula-shaped, narrow, downy, with hairy edges, and flesh-coloured.
The scales beneath are broadly ovate, downy, and furnished with honey on
the inner side. Stem upright, a foot and a half high.
1. A flower complete.
2. Seed-bud and pointal.
This Protea may be regarded as an intermediate character between the P.
mellifera and that fine section of Protea speciosa; and certainly, in point of
beauty, deserves to be ranked among that showy division: but as the
principal leading feature in the Speciosas exists in the powerful feathery
fringe upon the edges of the imbrication, and the present one possessing so
very slight a characteristic of that description, we could not with propriety
rank it amongst them. Its affinity to the P. mellifera is only in the honey-
bearing character of its flowers, which, like that species, contain a quantity
of nectariferous juice. The unoccupied term of coronata is adopted, from the
resemblance its imbrication bears to the form of a crown, and which is more
apparent in this species than in any other as yet in cultivation with us. Our
figure was made from the Clapham collection.
PLATE CCCCLXX.
O P H RY S A R A C H N O I D E S .
Spider-like Ophrys.
CLASS XX. ORDER I.
G Y N A N D R I A D I A N D R I A . C h i v e s o n t h e P o i n t a l . Tw o
Chives.
Corolla 5 petala, sub-ringens: petalis patentibus: labellum nectarii e

basi styli, patens. Antheræ duæ, terminales, adnatæ.
Blossom 5 petals, nearly gaping: petals spreading: the lip of the honey-
cup comes from the base of the shaft, spreading. Chives two, terminal, and
close together.
SPECIFIC CHARACTER.
Ophrys arachnoides, caule folioso: foliis lanceolatis, glauco-viridibus,
striatis: corollis patentibus, sub-albis; tribus exterioribus obtusis; duabus
interioribus acutis, brevissimis: labello nectarii magno, subrotundo, fusco,
convexo, villoso: prope basin labelli duæ sunt appendiculæ oppositæ, flavæ:
centrum nectarii interlineatum est, maculisque flavis notatum: et in medio
marginis tuberculum carnosum.
Ophrys with spider-like flowers: leaves enfoliating the stem, lance-
shaped, of a glaucous green and striped. Blossom spreading, and nearly
white: the three outer ones are obtuse, the two inner ones pointed, and very
small: the lip of the honey-cup is large, nearly round, brown, convex, and
hairy: near the base of the nectary there are two opposite appendicles of a
yellow colour: the centre of the honey-cup is interlined, and spotted with
yellow; and in the centre of the margin there is a fleshy substance.
1. The blossom.
2. The same shown from the outside.
3. The honey-cup.
4. Chives and pointal, magnified.
This interesting species of the Orchideæ family was sent from Switzerland,
by Dr. Messear, to the gardens of Isaac Swainson, esq. at Twickenham,
where it flowers annually. It is said to be a native of Britain, France,
Portugal, &c. and is known by the appellation of Ophrys arachnoides, or
spider-like, but is generally thought to bear a stronger analogy to the humble
bee. In the Flora Londinensis of Curtis, there is a figure under the title of
Ophrys fuciflora very much resembling our plant in most particulars, except
in the colour of the flower, which is very different. The same plant is again
figured in Dr. Smith’s English Botany, under the specific of aranifera; and
thus the plant is known both as a spider and a drone. The arachnoides may
therefore be considered, if not a distinct species, as a very strong marked
variety, and is at present a scarce plant. It remains so long in bloom, that the
author observed it at the nursery of Messrs. Whitley and Brames, three
weeks after he had made the drawing, nearly as perfect as the figure
represents.
PLATE CCCCLXXI.
O P H RY S M Y O D E S .
Fly-like Ophrys.
CLASS XX. ORDER I.
G Y N A N D R I A D I A N D R I A . C h i v e s o n t h e P o i n t a l . Tw o
Chives.
Corolla 5 petala, sub-ringens: petalis patentibus: labellum nectarii e

basi styli, patens. Antheræ duæ, terminates, adnatæ.
Blossom 5 petals, nearly gaping: petals spreading: the lip of the honey-
cup comes from the base of the shaft, spreading. Chives two, terminal, and
close together.
SPECIFIC CHARACTER.
Ophrys myodes, floribus alternis, lateralibus: nectarii labio tripartito:
laciniis lateralibus: lineari-lanceolatis, media oblonga, biloba, longior
lateralibus: petalis patentibus: tribus exterioribus lanceolatis, viridibus,
obtusis: duobus interioribus linearibus, brevissimis, purpureis: caule folioso:
bulbo subrotundo.
Ophrys with fly-like flowers, alternate, and lateral: the lip of the honey-
cup is three-cleft: the side segments are linear, and lance-shaped: the middle
one is oblong, two-lobed, and longer than the side ones: the petals are
spreading: the three outer ones are lance-shaped, green, and obtuse, the two
inner ones are linear, very short, and purple: leaves enfoliating the stem:
bulb roundish.
1. The blossom.
2. The same shown from the outer side.
3. The honey-cup.
4. The same shown from the under side.
5. Chives and pointal, magnified.
Amongst the Alpine plants of G. Hibbert, esq. we met with this curious little
insectiferous plant, and which, like the preceding figure, is said to be
indigenous to almost all Europe. It is figured in the English Botany of Dr.
Smith, but apparently from a taller plant, and differs in the colour of the
body. It is also represented in the Botanical Magazine, of a higher stature,
but nearly the same in colour. Variations probably the mere effect of climate,
and a different mode of culture. As they all bear an unequivocal resemblance
to the fly, so exact a representation of ever so humble a species of animated
nature will no doubt be always thought deserving a place in every collection.
PLATE CCCCLXXII.
H I B B E RT I A C R E N ATA .
Scolloped-leaved Hibbertia.
CLASS XIII. ORDER X.
P O L YA N D R I A D E C A G Y N I A . M a n y C h i v e s . Te n P o i n t a l s .
Calyx 5-phyllus. Petala 5. Stamina numerosa, receptaculo inserta.

Germina quinque vel decem, desinentia in stylis, oligo-sperma.
Empalement 5-leaved. Five petals. Chives numerous, inserted into the
receptacle. Seed-buds 5 or 10, terminating in shafts, few-seeded.
SPECIFIC CHARACTER.
Hibbertia foliis crenatis, sub-cordatis: floribus solitariis, axillaribus,
luteis, patentibus. Caulis fruticosus: ramis patentibus, numerosis, purpureis.
Hibbertia with scolloped leaves nearly heart-shaped. Flowers grow
singly from the insertion of the leaves, are of a yellow colour, and spreading.
Stem shrubby. Branches spreading, numerous, and purple.
1. The empalement.
2. A petal.
3. Chives and pointals.
4. Seed-buds and pointals.
5. A seed-bud and pointal, magnified.
This is an addition to the genus Hibbertia, but differs from the H. volubilis in
having ten pointals instead of five; and will most likely, when more of the
genus are in cultivation with us, form a section under the title of decagynia,
and the original of the genus as pentagynia: a mode frequently adopted, to
prevent that confusion too often attending the formation of new genera.
Under this arrangement the genus of Hibbertia will be considerably
enlarged, and certainly no genus more deserves it than that which bears the
name of such a liberal promoter of botanic science.

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1. In conditions of monopolistic competition,

2. In a market of monopolistic competition, there will be

3. Which of the following is not a condition of monopolistic competition?

5. Agreement between firms in an industry to set a certain price or to share a market is

6. Under monopolistic competition, a firm’s marginal revenue curve is

7. Under conditions of monopolistic competition, a firm maximizes profits where

10. The closer monopolistic competition gets to perfect competition

11. The greater the product differentiation,

12. Oligopoly is a market structure in which

13. Oligopoly is a market structure in which

14. Under oligopolistic market conditions,

16. A kinked demand curve is associated with

18. A kinked demand curve

20. The best example of an oligopolistic industry in the United States is

21. An administered price is a price

22. An oligopoly showing no economic profit or loss has

29. In monopolistic competition, the number of firms

32. If firms in monopolistic competition are earning short-run profits,

35. The Federal Trade Commission

37. Which of the following will cause a cartel to be unstable?

40. In a monopoly, the Herfindahl Index is

41. Game theory is a tool to analyze

42. The oligopolist’s dilemma is similar to the

43. An oligopsony exists when

44. Monopsonistic competition

a. $8 charged by both companies.

a. $8 charged by both companies.

1. Firms in monopolistic competition sell a similar but differentiated product.

ANS: T PTS: 1 DIF: Easy NAT: BUSPROG: Analytic

2. All firms in monopolistic competition must sell at the same price.

ANS: F PTS: 1 DIF: Easy NAT: BUSPROG: Analytic

ANS: T PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic

ANS: F PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic

5. In monopolistic competition, there is no need for advertising.

ANS: F PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic

ANS: T PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic

ANS: F PTS: 1 DIF: Easy NAT: BUSPROG: Analytic

ANS: T PTS: 1 DIF: Challenging NAT: BUSPROG: Analytic

ANS: T PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic

ANS: F PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic

ANS: T PTS: 1 DIF: Easy NAT: BUSPROG: Analytic

12. Oligopsony refers to a market in which there are a few buyers.

ANS: T PTS: 1 DIF: Easy NAT: BUSPROG: Analytic

ANS: F PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic

14. The rule of reason applies to antitrust activity.

ANS: T PTS: 1 DIF: Easy NAT: BUSPROG: Analytic

ANS: F PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic

ANS: F PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic