ECON 312 Principles of Economics Week 4 Midterm Set 3 Devry

QUESTION

ECON 312 Principles of EconomicsMidterm Exam Set 2(TCO 3) Mutual interdependence would tend to limit control over price in which market model?(TCO 3) Under which market model are the conditions of entry into the market easiest?(TCO 3) The production of agricultural products such as wheat or corn would best be described by which market model?(TCO 3) The demand curve faced by a purely competitive firm(TCO 3) A profit-maximizing firm in the short run will expand output(TCO 3) A firm should increase the quantity of output as long as its(TCO 3) The short-run supply curve for a competitive firm is the(TCO 3) The classic example of a private, unregulated monopoly is(TCO 3) Barriers to entry(TCO 3) The demand curve confronting a nondiscriminating, pure monopolist is(TCO 3) Which is the best example of price discrimination?(TCO 3) In which industry is monopolistic competition most likely to be found?(TCO 3) Assume that in a monopolistically competitive industry, firms are earning economic profit. This situation will(TCO 3) A unique feature of an oligopolistic industry is(TCO 3) A low concentration ratio means that(TCO 3) In which set of market models are there the most significant barriers to entry?(TCO 1) The four factors of production are(TCO 1) Refer to the diagram below which is based on the Circular Flow Model in Chapter 2. Arrows (1) and (2) represent(TCO 2) Refer to the diagram. An increase in quantity demanded is depicted by a(TCO 2) Refer to the information and assume the stadium capacity is 5,000. The supply of seats for the game(TCO 2) Which type of goods is most adversely affected by recessions?(TCO 3) The following cost data are for a firm in the short run:(TCO 1) Refer to the diagram. Points A, B, C, D, and E show(TCO 3) Assume that the owners of the only gambling casino in Wisconsin spend large sums of money obbying state government officials to protect their gambling monopoly. Economists refer to these expenditures as(TCO 3) a.) A pure monopolist determines that at the current level of output the marginal cost of production is $2, average variable costs are $2.75, and average total costs are $2.95. The marginal revenue is $2.75. What would you recommend that the monopolist do to maximize profits? b.) Why might a business owner keep their business open but let it deteriorate, rather than shut it down? Will this profitability last?(TCO 2) Evaluate how the following situations will affect the demand curve for iPods.

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