Query 1. Query : (TCO three) Which of the next constitutes an implicit value to the Johnston Manufacturing Firm? Funds of wages to its workplace staff Lease paid for using gear owned by the Schultz Equipment Firm Use of financial savings to pay working bills as a substitute of producing curiosity earnings Financial earnings ensuing from present manufacturing Query 2. Query : (TCO three) The long term is characterised by the relevance of the legislation of diminishing returns. at the very least one fastened enter. inadequate time for companies to enter or depart the trade. the power of the agency to vary its plant dimension. Query three. Query : (TCO three) Economists would describe the U.S. car trade as purely aggressive. an oligopoly. monopolistically aggressive. a pure monopoly. Query four. Query : (TCO three) If a agency in a purely aggressive trade is confronted with an equilibrium value of $5, its marginal income could also be both larger or lower than $5. may even be $5. shall be lower than $5. shall be larger than $5. Query 5. Query : (TCO three) Which of the next is a attribute of pure monopoly? Shut substitute merchandise Limitations to entry The absence of market energy "Value taking" Query 6. Query : (TCO three) A pure monopoly happens when long-run common prices decline constantly by the vary of demand. a agency owns or controls some useful resource important to manufacturing. long-run common prices rise constantly as output is elevated. economies of scale are obtained at comparatively low ranges of output. Query 7. Query : (TCO three) Monopolistic competitors means IN a market state of affairs the place competitors relies solely on product differentiation and promoting. a lot of companies producing a standardized or homogeneous product. many companies producing differentiated merchandise. a number of companies producing a standardized or homogeneous product. Query eight. Query : (TCO three) Use your primary data and your understanding of market buildings to reply this query. Which of the next firms most carefully approximates a monopolistic competitor? Subway Sandwiches Pittsburgh Plate Glass Ford Motor Firm Microsoft Query 9. Query : (TCO three) Which of the next is a novel characteristic of oligopoly? Mutual interdependence Promoting expenditures Product differentiation Nonprice competitors Query 10. Query : (TCO three) If the four-firm focus ratio for trade X is 80 the 4 largest companies account for 80% of complete gross sales. every of the 4 largest companies accounts for 20% of complete gross sales. the 4 largest companies account for 20% of complete gross sales. the trade is monopolistically aggressive. Query 11. Query : (TCO three) What's the distinction between ACCOUNTING PROFIT, ECONOMIC PROFIT, and NORMAL PROFIT? Query 12. Query : (TCO three) Establish the first traits of excellent competitors and monopolistic competitors. Give examples of every.