ECON 312 Principles of Economics Week 3 Quiz Answers – Homeworkmade

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ECON 312 Week 3 Quiz

1. (TCO 3) Which of the following constitutes an implicit cost to the Johnston Manufacturing Company?
2. (TCO 3) The short run is characterized by
3. (TCO 3) Which of the following industries most closely approximates pure competition?
4. (TCO 3) A purely competitive seller is
5. (TCO 3) Which of the following is a characteristic of pure monopoly?
6. (TCO 3) A natural monopoly occurs when
7. (TCO 3) Monopolistic competition means
8. (TCO 3) Monopolistic competition means
9. (TCO 3) Which of the following is the best example of oligopoly?
10. (TCO 3) Concentration ratios measure the
11. (TCO 3) What is the LAW OF DIMINISHING RETURNS, and why is this law considered a short-run phenomenon?
12. (TCO 3) Identify the primary characteristics of monopolistic competition and oligopoly. Give examples of each.