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(TCO 3) Which of the following is most likely to be an implicit cost for Company X? (Points: 1)




1. (TCO 3) Which of the following is most likely to be an implicit cost for Company X? (Points: 1);Forgone rent from the building owned and used by Company X;Rental payments on IBM equipment;Payments for raw materials purchased from Company Y;Transportation costs paid to a nearby trucking firm;Question 2.2. (TCO 3) The short run is characterized by (Points: 1);plenty of time for firms to either enter or leave the industry.;increasing, but not diminishing returns.;fixed plant capacity.;zero fixed costs.;Question 3.3. (TCO 3) An industry comprised of 40 firms, none of which has more than 3% of the total market for a differentiated product is an example of (Points: 1);monopolistic competition.;oligopoly.;pure monopoly.;pure competition.;Question 4.4. (TCO 3) Which of the following statements applies to a purely competitive producer? (Points: 1);It will not advertise its product.;In long-run equilibrium it will earn an economic profit.;Its product will have a brand name.;Its product is slightly different from those of its competitors.;Question 5.5. (TCO 3) Which of the following best approximates a pure monopoly? (Points: 1);The foreign exchange market;The Kansas City wheat market;The only bank in a small town;The soft drink market;Question 6.6. (TCO 3) Barriers to entering an industry (Points: 1);encourage allocative efficiency.;encourage productive efficiency.;are the basis for monopoly.;apply only to purely monopolistic industries.;Question 7.7. (TCO 3) The restaurant, legal assistance, and clothing industries are each illustrations of (Points: 1);countervailing power.;homogeneous oligopoly.;monopolistic competition.;pure monopoly.;Question 8.8. (TCO 3) Product variety is likely to be greater in (Points: 1);monopolistic competition than in pure competition.;pure competition than in monopolistic competition.;homogenous oligopoly than in monopolistic competition.;homogenous oligopoly than in differentiated oligopoly.;Question 9.9. (TCO 3) Which of the following is the best example of oligopoly? (Points: 1);Women's dress manufacturing;Automobile manufacturing;Restaurants;Cotton farming;Question 10.10. (TCO 3) An industry having a four-firm concentration ratio of 85% (Points: 1);approximates pure competition.;is monopolistically competitive.;is a pure monopoly.;is an oligopoly.;Question 11. 11. (TCO 3) What is the LAW OF DIMINISHING RETURNS, and why is this law considered a short-run phenomenon? (Points: 5)


Paper#15811 | Written in 18-Jul-2015

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