Monopolistic Competition And Oligopoly Case Study

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Register to read the introduction… (TCO 3) Identify the primary characteristics of monopolistic competition and oligopoly. Give examples of each.
• Version 2
1. (TCO 3) Economic profits are calculated by subtracting
2. (TCO 3) To economists, the main difference between the short run and the long run is that
3. (TCO 3) Economists would describe the U.S. automobile industry as
4. (TCO 3) A purely competitive seller is
5. (TCO 3) Which of the following is correct?
6. (TCO 3) Confronted with the same unit cost data, a monopolistic producer will charge
7. (TCO 3) Monopolistic competition means
8. (TCO 3) Product variety is likely to be greater in
9. (TCO 3) Which of the following is the best example of oligopoly?
10. (TCO 3) Concentration ratios measure the
11. (TCO 3) What is the LAW OF DIMINISHING RETURNS, and why is this law considered a short-run phenomenon?
12. (TCO 3) Identify the primary characteristics of monopolistic competition and oligopoly. Give examples of each.

ECON 312 Week 5 Quiz (2 Versions)
• Version 1
1. (TCO 6) Fiscal policy refers to the
2. (TCO 6) Suppose that the economy is in the midst of a recession. Which of the following policies would most likely end the recession and stimulate output
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(TCO 8) Specialization and trade between individuals or between nations lead to:
2. (TCO 8) Suppose the United States sets a limit on the number of tons of sugar that can be imported each year. This is an example of a(n)
3. (TCO 9) Which of the following is not included in the current account of a nation's balance of payments?
4. (TCO 9) If the dollar price of the yen rises, then
5. (TCO 9) In recent years, the United States has had large
6. (TCO 9) Answer the next question(s) on the basis of the following table which indicates the dollar price of libras, the currency used in the hypothetical nation of Libra. Assume that a system of freely floating exchange rates is in place.
7. (TCO 8) The primary gain from international trade is
8. (TCO 8) Refer to the graphs below. Stanville has a comparative advantage in producing
9. (TCO 9) The Group of Eight (G8) Nations which periodically have jointly intervened to influence the value of the dollar include
10. (TCO 8) As a percentage of GDP, U.S. exports are
11. (TCO 8 and 10) Explain some of problems with the argument that trade protection is needed to protect American jobs.
12. (TCO 9) What are the economic effects of a depreciation of the US dollar on US trade

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