MicroEconomics

Which of the following constitutes an implicit cost to the Johnston Manufacturing Company?

Implicit and explicit costs are different in that

Implicit costs are:

Economic profits are calculated by subtracting

The basic characteristics of the short run is that

Which of the following is a short run adjustment?

To an economist the main difference between the short run and the long run is that

The short run is characterized by

The long run is characterized by

If a variable input is added to some fixed input beyond some point the resulting extra output will decline. This statement describes

Fixed cost is:

Which of the following is most likely to be a fixed cost?

Which of the following is most likely to be a variable cost?

If you operated a small bakery, which of the following would be a variable cost in the short run?

Marginal cost is the

Average fixed cost

If a firm decides to produce no output in the short run, its cost will be

Fixed costs are associated with

Total cost minus total variable cost equals

In the long run

Diseconomics of scale

Which of the following industries most closely approximates pure competition?

Economists use the term imperfect competition to describe

A purely competitve seller is

The demand schedule or curve confronted by the individual purely competitive firmis

A perfectly elastic demand curve implies that the firm

Marginal revenue for a purely competitive firm

Firms seek to mazimize

If a purely competitive firm shuts down in the short run

In the short run a purely competitive seller will shut down if product price

A purely competitive firm's short-run supply curve

A constant cost industry is one in which

Under pure competition i the long run

Pure monopoly means:

Which of the following is correct?

A pure monopolist is:

In the short run, a monopolist's economic profits:

There is some evidence to suggest that X-inefficiency is:

Monopolistic competition means:

Under monopolistic competition entry to the industry is:

The restaurant, legal assistance, and clothing industries are each illustrations of:

In the short run a monopolistically competitive firm's economic profit:

The term oligopoly indicates:

In an oligopolistic market:

The automobile, household appliance, and automobile tire industries are all illustrations of:

The copper, aluminum, cement, and industrial alcohol industries are examples of:

Which of the following is the best example of oligopoly?

Homogeneous oligopoly exists where a small number of firms are:

Which of the following is a unique feature of oligopoly?

Concentration ratios measure the:

If the four-firm concentration ratio for industry X is 80:

An industry having a four-firm concentration ratio of 85 percent

OPEC provides an example of:

The Clayton Act of 1914:

The Sherman Act was designed to:

The function of investigating instances of fraudulent advertising has been assigned to the:

Which of the following gave the Federal Trade Commission responsibility to protect the public against false and misleading advertising?

The basic issue in the DuPont cellophane case was: