ECON 312 Week 4 Midterm (Version 2)
1. (TCO 3) Mutual interdependence would tend to limit control over price in which market model?
2. (TCO 3) Under which market model are the conditions of entry into the market easiest?
3. (TCO 3) The production of agricultural products such as wheat or corn would best be described by which market model?
4. (TCO 3) The demand curve faced by a purely competitive firm
5. (TCO 3) A profit-maximizing firm in the short run will expand output
6. (TCO 3) A firm should increase the quantity of output as long as its
7. (TCO 3) The short-run supply curve for a competitive firm is the
8. (TCO 3) The classic example of a private, unregulated monopoly is
9. (TCO 3) Barriers to entry
10. (TCO 3) The demand curve confronting a nondiscriminating, pure monopolist is
11. (TCO 3) Which is the best example of price discrimination?
12. (TCO 3) In which industry is monopolistic competition most likely to be found?
13. (TCO 3) Assume that in a monopolistically competitive industry, firms are earning economic profit. This situation will
14. (TCO 3) A unique feature of an oligopolistic industry is
15. (TCO 3) A low concentration ratio means that
16. (TCO 3) In which set of market models are there the most significant barriers to entry?
17. (TCO 1) The four factors of production are
18. (TCO 1) Refer to the diagram below which is based on the Circular Flow Model in Chapter 2. Arrows (1) and (2) represent
19. (TCO 2) Refer to the diagram. An increase in quantity demanded is depicted by a
20. (TCO 2) Refer to the information and assume the stadium capacity is 5,000. The supply of seats for the game
21. (TCO 2) Which type of goods is most adversely affected by recessions?
22. (TCO 3) The following cost data are for a firm in the short run:
23. (TCO 1) Refer to the diagram. Points A, B, C, D, and E show
24. (TCO 3) Assume that...