ECON 312 Week 3 Quiz

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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.

1. (TCO 3) Economic profits are calculated by subtracting

2. (TCO 3) To economists, the main difference between the short run and the long run is
that
3. (TCO 3) Economists would describe the U.S. automobile industry as
4. (TCO 3) A purely competitive seller is
5. (TCO 3) Which of the following is correct?
6. (TCO 3) Confronted with the same unit cost data, a monopolistic producer will charge
7. (TCO 3) Monopolistic competition means
8. (TCO 3) Product variety is likely to be greater in
9. (TCO 3) Which of the following is the best example of oligopoly?
10. (TCO 3) Concentration ratios measure the
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.