Devry ECON 312 Week 3 Weekly Assignment - Latest
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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) To economists, the main difference between the short run and the long run is that (Points : 1)
the law of diminishing returns applies in the long run, but not in the short run.
in the long run all resources are variable, while in the short run at least one resource is fixed.
fixed costs are more important to decision making in the long run than they are in the short run.
in the short run all resources are fixed, while in the long run all resources are variable.
Question 3.3. (TCO 3) Economists would describe the U.S. automobile industry as (Points : 1)
purely competitive.
an oligopoly.
monopolistically competitive.
a pure monopoly.
Question 4.4. (TCO 3) If a firm in a purely competitive industry is confronted with an equilibrium price of $5, its marginal revenue (Points : 1)
may be either greater or less than $5.
will also be $5.
will be less than $5.
will be greater than $5.
Question 5.5. (TCO 3) Which of the following is a characteristic of pure monopoly? (Points : 1)
Close substitute products
Barriers to entry
The absence of market power
"Price taking"
Question 6.6. (TCO 3) Confronted with the same unit cost data, a monopolistic producer will charge...