ECON 312 Week 3 Quiz

This pack of ECON 312 Week 3 Quiz includes:

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

(TCO 3) The short run is characterized by

(TCO 3) An industry comprised of 40 firms, none of which has more than 3% of the total market for a differentiated product is an example of

(TCO 3) If a firm in a purely competitive industry is confronted with an equilibrium price of $5, its marginal revenue

(TCO 3) Which of the following is correct?

(TCO 3) Barriers to entering an industry

(TCO 3) Under monopolistic competition entry to the industry is

(TCO 3) The term oligopoly indicates

(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?

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

(TCO 3) In economics, how would you define the SHORT RUN, and what is the LONG RUN? How can you distinguish between the two?

(TCO 3) Identify the primary characteristics of perfect competition and monopoly.