04 Jun Question 1. (TCO 3) Which of the following is most likely to
Question
1. (TCO 3) Which of the following is most likely to be an implicit cost for Company X? (Points : 1)
Forgone rent from the building owned and used by Company X
Rental payments on IBM equipment
Payments for raw materials purchased from Company Y
Transportation costs paid to a nearby trucking firm
Question 2.2. (TCO 3) The short run is characterized by (Points : 1)
plenty of time for firms to either enter or leave the industry.
increasing, but not diminishing returns.
fixed plant capacity.
zero fixed costs.
Question 3.3. (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 (Points : 1)
monopolistic competition.
oligopoly.
pure monopoly.
pure competition.
Question 4.4. (TCO 3) Which of the following statements applies to a purely competitive producer? (Points : 1)
It will not advertise its product.
In long-run equilibrium it will earn an economic profit.
Its product will have a brand name.
Its product is slightly different from those of its competitors.
Question 5.5. (TCO 3) Which of the following best approximates a pure monopoly? (Points : 1)
The foreign exchange market
The Kansas City wheat market
The only bank in a small town
The soft drink market
Question 6.6. (TCO 3) Barriers to entering an industry (Points : 1)
encourage allocative efficiency.
encourage productive efficiency.
are the basis for monopoly.
apply only to purely monopolistic industries.
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