ECON 312 Week 3 Quiz (Set 2)

ECON 312 Week 3 Quiz (Set 2)

• Version 2

1. ECON 312 Week 3 Quiz (Set 2. (TCO 3) Economic profits are calculated by subtracting

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

3. (TCO 3) Economists would describe the U.S. automobile industry as

4. (TCO 3) A purely competitive seller is

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

6. (TCO 3) Confronted with the same unit cost data, a monopolistic producer will charge

7. (TCO 3) Monopolistic competition means

8. (TCO 3) Product variety is likely to be greater in

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.