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devry econ 312 week 3 quiz

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Question;(TCO 3) Which of the following constitutes an implicit cost;to the Johnston Manufacturing Company?;Payments of wages to its office workers;Rent paid for the use of equipment owned by;the Schultz Machinery Company;Use of savings to pay operating expenses;instead of generating interest income;Economic profits resulting from current;production;Question 2. Question;(TCO 3) To economists, the main difference between the short;run and the long run is that;the law of diminishing returns applies in the;long run, but not in the short run.;in the long run all resources are variable;while in the short run at least one resource is fixed.;fixed costs are more important to decision;making in the long run than they are in the short run.;in the short run all resources are fixed;while in the long run all resources are variable.;Question 3. Question;(TCO 3) Which of the following industries most closely;approximates pure competition?;Agriculture;Farm implements;Clothing;Steel;Question 4. Question;(TCO 3) Which of the following statements applies to a;purely competitive producer?;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. Question;(TCO 3) Which of the following is correct?;Both purely competitive and monopolistic firms;are "price takers.;Both purely competitive and monopolistic firms;are "price makers.;A purely competitive firm is a "price;taker," while a monopolist is a "price maker.;A purely competitive firm is a "price maker,;while a monopolist is a "price taker.;Question 6. Question;(TCO 3) Barriers to entering an industry;encourage allocative efficiency.;encourage productive efficiency.;are the basis for monopoly.;apply only to purely monopolistic industries.;Question 7. Question;(TCO 3) The restaurant, legal assistance, and clothing;industries are each illustrations of;countervailing power.;homogeneous oligopoly.;monopolistic competition.;pure monopoly.;Question 8. Question;(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?;Subway Sandwiches;Pittsburgh Plate Glass;Ford Motor Company;Microsoft;Question 9. Question;(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?;Subway Sandwiches;US Steel;Ford Motor Company;Alcoa Aluminum;(TCO 3) If the four-firm concentration ratio for industry X;is 80;the four largest firms account for 80% of;total sales.;each of the four largest firms accounts for;20% of total sales.;the four largest firms account for 20% of;total sales.;the industry is monopolistically competitive.;Question 11. Question;(TCO 3) What is the LAW OF DIMINISHING RETURNS, and why is;this law considered a short-run phenomenon?;Question 12. Question;(TCO 3) Identify the primary characteristics of monopolistic;competition and oligopoly. Give examples of each.

 

Paper#57764 | Written in 18-Jul-2015

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