2008Exam3

2008Exam3 - AEC 305 Exam III Fall 2008 November 21, 2008...

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AEC 305 Exam III Fall 2008 – November 21, 2008 Name_________________________________________ 1. Match the following marketing terms with the statements on the left (3 points each for a total of 15 points) ____ Concentration A. average per unit costs fall as output increases ____ Market Power B. factors that limit the flow of new firms/producers into a profitable industry ____ Structural Change C. long-term adjustments in an industry’s key characteristics such as the number/size of firms, ease of entry/exit, product mix/characteristics ____ Economies of Scale D. a marketing term denoting the ability of a seller to raise its price above competitive levels and a buyer to lower its price below competitive levels ____ Entry Barriers E. a measure of the relative size of an industry’s largest firms 2. Fill in the blank with the words in bold (underlined in the firm column) to best describe the characteristic for each market structure. Note the upper left component is filled in for you as an example (1 point each for a total of 15 points) Characteristics Perfect Competition Monopolistic Competition Oligopoly Monopoly Number of Buyers/Sellers ( very large number, many, one, or few? ) Very large number Product Differentiation (Homogeneous, Unique, Slightly Differentiated, or Differentiated?) Ease of Entry/Exit (Difficult, Easy, Relatively Easy, or Closed? ) Influence on Price (Price Taker or Price Maker? ) 3. What is a concentration ratio? If each of the 10 firms in an industry has exactly the same
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This note was uploaded on 02/07/2011 for the course AEC 305 taught by Professor Staff during the Fall '08 term at Kentucky.

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2008Exam3 - AEC 305 Exam III Fall 2008 November 21, 2008...

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