ECON 312 Week 3 Quiz (Set 1)

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ECON 312 Week 3 Quiz (Set 1)

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ECON 312 Week 3 Quiz (Set 1)

1. ECON 312 Week 3 Quiz (Set 1) (TCO 3) Which of the following constitutes an implicit cost to the Johnston Manufacturing Company?

2. (TCO 3) To economists, the main difference between the short run and the long run is that

3. (TCO 3) Which of the following industries most closely approximates pure competition?

4. (TCO 3) Which of the following statements applies to a purely competitive producer?

5. (TCO 3) Which of the following is correct?

6. (TCO 3) Barriers to entering an industry

7. (TCO 3) The restaurant, legal assistance, and clothing industries are each illustrations of

8. (TCO 3) Use your basic knowledge and your understanding of market structures to answer this question. Which of the following companies most closely approximates a monopolistic competitor?

9. (TCO 3) Use your basic knowledge and your understanding of market structures to answer this question. Which of the following companies most closely approximates a differentiated oligopolist in a highly concentrated industry?

10. (TCO 3) If the four-firm concentration ratio for industry X is 80

11. (TCO 3) What is the LAW OF DIMINISHING RETURNS, and why is this law considered a short-run phenomenon?

12. (TCO 3) Identify the primary characteristics of monopolistic competition and oligopoly. Give examples of each.