ECON312 Principles of Economics – DeVry

ECON 312 Week 3 Quiz Set 1

Question 1: (TCO 3) Which of the following constitutes an implicit cost to the Johnston Manufacturing Company?

Question 2: (TCO 3) To economists, the main difference between the short run and the long run is that

Question 3: (TCO 3) Which of the following industries most closely approximates pure competition?

Question 4: (TCO 3) Which of the following statements applies to a purely competitive producer?

Question 5: (TCO 3) Which of the following is correct?

Question 5: (TCO 3) Barriers to entering an industry

Question 6: (TCO 3) Barriers to entering an industry

Question 7: (TCO 3) The restaurant, legal assistance, and clothing industries are each illustrations of

Question 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?

Question 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?

Question 10: (TCO 3) If the four-firm concentration ratio for industry X is 80

Question 11: (TCO 3) What is the LAW OF DIMINISHING RETURNS, and why is this law considered a short-run phenomenon?

Question 12: (TCO 3) Identify the primary characteristics of monopolistic competition and oligopoly. Give examples of each.

ECON 312 Week 3 Quiz Set 2

1. Question: (TCO 3) Economic profits are calculated by subtracting
2. Question: (TCO 3) To economists, the main difference between the short run and the long run is that
3. Question: (TCO 3) Economists would describe the U.S. automobile industry as
4. Question: (TCO 3) A purely competitive seller is
5. Question: (TCO 3) Which of the following is correct?
6. Question: (TCO 3) Confronted with the same unit cost data, a monopolistic producer will charge
7. Question: (TCO 3) Monopolistic competition means
8. Question: (TCO 3) Product variety is likely to be greater in
9. Question: (TCO 3) Which of the following is the best example of oligopoly?
10. Question: (TCO 3) Concentration ratios measure the
11. Question: (TCO 3) What is the LAW OF DIMINISHING RETURNS, and why is this law considered a short-run phenomenon?

12. Question: (TCO 3) Identify the primary characteristics of monopolistic competition and oligopoly. Give examples of each.