San Jacinto College

Topic 9 Perfect Competition Assignment 1 1. Which of the following markets is most likely to be perfectly competitive?  The market for mushrooms 2. Which of the following markets is most likely to be perfectly competitive?  The market for rock salt 3. What are the likely reason(s) that the market for electricity is not perfectly competitive?  It is difficult to enter or exit the industry as a supplier.  There are few sellers in the market. 4. What are the likely reason(s) tha...

opic 8 – Production Assignment 1 1. Which of the following is an implicit cost of owning and operating a farm? The money a farmer could earn by working for someone else 2. Barney decides to quit his job as a corporate accountant, which pays $10,000 a month, and goes into business for himself as a certified public accountant. He runs his business from his converted garage apartment, which he could rent out for $300 a month if he wasn’t using it as a home office. He must purchase office ...

. Which of the following are characteristics of a contestable firm?  No real barriers to entry  A single firm 2. A pure ______ is the only seller in a market Monopoly 3. Impediments that prevent firms from entering a market or industry are known as: Barriers to entry 4. Consider the market shown below The deadweight loss that results from monopoly production is area A 5. One of the roles of a government is to limit the market power of monopolies or even to eliminate them entirel...

Topic 11 Monopolistic Competition and Oligopoly Videos1

Topic 11 Monopolistic Competition and Oligopoly Videos1

Topic 10 Monopoly Videos 1 study guide

Topic 6 – Principles of Economics 1 1. For each pair of goods, determine which one would have a relatively more elastic demand curve. Gasoline at your local gas station or gasoline in your city Plain white T – shirt or all clothing Rice or jewelry 2. Cross – price elasticity of demand uses Negative and positive values to determine is good are substitutes or complements 3. ________ elasticity of demand is a measure of how responsive the quantity demanded is to a change in price. Pr...

Topic 2: Principle of Economics 1 1. An intangible product or action that consumers, firms, or governments wish to purchase is a:  Service 2. The demand curve for a normal good is downward sloping because:  As prices rise, the purchasing power of each dollar earned falls, and consumers are willing and able to buy less of a good.  As consumers purchase substitute, the quantity demanded of the good falls.  The benefit of consuming more of a good falls with each additional unit,...

Topic 5: Market Efficiency LearnSmart 1 1. Given the information in the table below, how much consumer surplus is generated for Rob when market price is $100? Marginal Benefit ($) Rob $150 Dennis 125 Marty 100 Becky 75 Bill 50  $50 2. The difference between the maximum price consumers are w

ECONOMICS 2302 Topic 5 Video Topic 5 – Market Efficiency Videos 1