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Eco312 quiz 3




Question;Question;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 XRental payments on IBM;equipmentPayments for raw materials;purchased from Company YTransportation 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 fixed costs.;Question;3.3.(TCO;3) Economists would describe the U.S. automobile industry as (Points: 1);purely oligopoly.monopolistically competitive.a pure monopoly.;Question;4.4.(TCO;3) If a firm in a purely competitive industry is confronted with an;equilibrium price of $5, its marginal revenue (Points: 1);may be either greater or less;than $5.will also be $5.will be less than $5.will be greater than $5.;Question;5.5.(TCO;3) Which of the following best approximates a pure monopoly? (Points: 1);The foreign exchange marketThe Kansas City wheat marketThe only bank in a small townThe soft drink market;Question;6.6.(TCO;3) A natural monopoly occurs when (Points: 1);long-run average costs decline;continuously through the range of demand.a firm owns or controls some;resource essential to production.long-run average costs rise;continuously as output is increased.economies of scale are obtained;at relatively low levels of output.;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) The term oligopoly indicates (Points: 1);a one-firm industry.many producers of a;differentiated product.a few firms producing either a;differentiated or a homogeneous industry whose four-firm;concentration ratio is low.;Question;9.9.(TCO;3) Which of the following is the best example of oligopoly? (Points: 1);Women's dress manufacturingAutomobile manufacturingRestaurantsCotton farming;Question;10.10.(TCO;3) An industry having a four-firm concentration ratio of 85% (Points: 1);approximates pure monopolistically; a pure an oligopoly.;Question 11.11.(TCO 3) What is the difference;between ACCOUNTING PROFIT, ECONOMIC PROFIT, and NORMAL PROFIT? (Points: 5);Question 12.12.(TCO 3) Identify the primary;characteristics of monopolistic competition and oligopoly. Give;examples of each. (Points;5)


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