15.For an inferior good, when its price decreases,
(A) The substitution effect causes its consumption to increase.
(B) The substitution effect causes its consumption to decrease.
(C) The income effect causes its consumption to increase.
(D) Both ( B ) and ( C ) are correct.

16.Assuming labor is the only variable production factor. According to the tablebelow, as total output increases, the marginal productivity of labor: (A) Continuously increases (B) Continuously decreases(C) Increases first, then decreases (D) Decreases first, then increases

17.Assuming that the marginal productivity of labor decreases as the amount of laboremployed increases. In this case, the marginal productivity of labor should be____ the average productivity of labor.(A) Greater than (B) Equal to(C) Smaller than (D) All of above are possible

18.Assuming that at quantity Q, the average total cost is minimized. When the firmmarginally increases production at Q,(A) Marginal cost will decrease (B) Average variable cost will increase.(C) Average total cost will decrease. (D) Average fixed cost will increase.

19.The table below shows a firm’s output and the corresponding long-run cost. According to the table,(A) Only economies of scale exist.(B) Only diseconomies of scale exist.(C) Economies of scale exist first, then diseconomies of scale.(D) Diseconomies of scale exist first, then economies of scale.

20.For a perfectly competitive firm, other things being equal,(A) Its total cost does not change with output.(B) Its fixed cost does not change with output.(C) Its marginal revenue does not change with output.(D) Both ( B ) and ( C ) are correct.

21.Under which of the following circumstances will a perfectly competitive firmchoose to temporarily shut down:(A) Total revenue is less than total cost.(B) Total revenue is less than total variable cost.(C) Market price is less than average variable cost.(D) Both ( B ) and ( C ) are correct.

22.Assuming labor is the only variable factor of production. For a profit-maximizingperfectly competitive firm, when market demand decreases, its labor employmentwill ____ and the marginal product of the last unit of labor employed will ____.(A) Increase, increase (B) Increase, decrease(C) Decrease, increase (D) Decrease, decrease

23.In the long run, the condition for a firm to exit the market is(A) Price is less than average variable cost.(B) Price is less than average total cost.(C) Economic profit is zero.(D) Both ( B ) and ( C ) are correct.

24.Assuming no externalities. When a perfectly competitive market reachesequilibrium,(A) Marginal social benefit equals marginal social cost.(B) Marginal social benefit is greater than marginal social cost.(C) Marginal social benefit is less than marginal social cost.(D) All of the above are possible.

25.The profit-maximizing output for a perfectly competitive firm is(A) The quantity at the intersection of the rising marginal revenue line and thefalling marginal cost curve.(B) The quantity at the intersection of the horizontal marginal revenue line andthe falling marginal cost curve.(C) The quantity at the intersection of the horizontal marginal revenue line andthe rising marginal cost curve.(D) None of the above.

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