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ECON 312 Midterm Exam - Version 2




Question;ECON 312 Week 4 Midterm - Version 2(ECON 312 Principles of Economics - DeVry)Question 1 (TCO 3) Mutual interdependence would tend to limit control over price in which market model?Question 2 (TCO 3) Under which market model are the conditions of entry into the market easiest?Question 3 (TCO 3) The production of agricultural products such as wheat or corn would best be described by which market model?Question 4 (TCO 3) The demand curve faced by a purely competitive firmQuestion 5 (TCO 3) A profit-maximizing firm in the short run will expand outputQuestion 6 (TCO 3) A firm should increase the quantity of output as long as itsQuestion 7 (TCO 3) The short-run supply curve for a competitive firm is theQuestion 8 (TCO 3) The classic example of a private, unregulated monopoly isQuestion 9 (TCO 3) Barriers to entryQuestion 10 (TCO 3) The demand curve confronting a nondiscriminating, pure monopolist isQuestion 11 (TCO 3) Which is the best example of price discrimination?Question 12 (TCO 3) In which industry is monopolistic competition most likely to be found?Question 13 (TCO 3) Assume that in a monopolistically competitive industry, firms are earning economic profit. This situation willQuestion 14 (TCO 3) A unique feature of an oligopolistic industry isQuestion 15 (TCO 3) A low concentration ratio means thatQuestion 16 (TCO 3) In which set of market models are there the most significant barriers to entry?Question 17 (TCO 1) The four factors of production areQuestion 18 (TCO 1) Refer to the diagram below which is based on the Circular Flow Model in Chapter 2. Arrows (1) and (2) representQuestion 19 (TCO 2) Refer to the diagram. An increase in quantity demanded is depicted by aQuestion 20 (TCO 2) Refer to the information and assume the stadium capacity is 5,000. The supply of seats for the gameQuestion 21 (TCO 2) Which type of goods is most adversely affected by recessions?Question 22 (TCO 3) The following cost data are for a firm in the short run:Question 23 (TCO 1) Refer to the diagram. Points A, B, C, D, and E showQuestion 24 (TCO 3) Assume that the owners of the only gambling casino in Wisconsin spend large sums of money lobbying state government officials to protect their gambling monopoly. Economists refer to these expenditures asQuestion 25 (TCO 3) a.) A pure monopolist determines that at the current level of output the marginal cost of production is $2, average variable costs are $2.75, and average total costs are $2.95. The marginal revenue is $2.75. What would you recommend that the monopolist do to maximize profits? b.) Why might a business owner keep their business open but let it deteriorate, rather than shut it down? Will this profitability last?Question 26 (TCO 2) Evaluate how the following situations will affect the demand curve for iPods.


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