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Devry econ 312 week 3 quiz

04/01/2021 Client: saad24vbs Deadline: 6 Hours

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.

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