Questions:
Question 1:Which of the following constitutes an implicit cost to the Johnston Manufacturing Company?
Question 2:To economists, the main difference between the short run and the long run is that
Question 3:Which of the following industries most closely approximates pure competition?
Question 4:Which of the following statements applies to a purely competitive producer?
Question 5:Which of the following is correct?
Question 5:Barriers to entering an industry
Question 6:Barriers to entering an industry
Question 7:The restaurant, legal assistance, and clothing industries are each illustrations of
Question 8: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: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:If the four-firm concentration ratio for industry X is 80
Question 11:What is the LAW OF DIMINISHING RETURNS, and why is this law considered a short-run phenomenon?
Question 12:Identify the primary characteristics of monopolistic competition and oligopoly. Give examples of each.
Part 2
1. Question:Economic profits are calculated by subtracting
2. Question:To economists, the main difference between the short run and the long run is that
3. Question:Economists would describe the U.S. automobile industry as
4. Question:A purely competitive seller is
5. Question:Which of the following is correct?
6. Question:Confronted with the same unit cost data, a monopolistic producer will charge
7. Question:Monopolistic competition means
8. Question:Product variety is likely to be greater in
9. Question:Which of the following is the best example of oligopoly?
10. Question:Concentration ratios measure the
11. Question:What is the LAW OF DIMINISHING RETURNS, and why is this law considered a short-run phenomenon?
12. Question:Identify the primary characteristics of monopolistic competition and oligopoly. Give examples of each.