19. Why does curve C approach curve B as output increases?
(A) Diminishing marginal value.
(B) Diminishing marginal opportunity cost.
(C) Just a special case for this particular graph.
(D) Diminishing average fixed cost as more output been produced.

1. The table below shows the quantities of goods X and Y that one unit of labor can produce per day in Countries A and B. Which of the following statements is correct? (A) Country A has a comparative but not an absolute advantage in producing X. (B) Country A has both a comparative and an absolute advantage in producing X. (C) Country B has a comparative but not an absolute advantage in producing X. (D) Country B has both a comparative and an absolute advantage in producing X.

2. Suppose that initially the market supply curve and both the shortrun and longrun market demand curves intersect at the same point. If the market supply decreases, ceteris paribus, then (A) The shortrun equilibrium price and quantity will both be higher than the longrun equilibrium. (B) The shortrun equilibrium price and quantity will both be lower than the longrun equilibrium. (C) The shortrun equilibrium price will be higher than the longrun equilibrium price, but the shortrun equilibrium quantity will be lower than the longrun equilibrium quantity. (D) None of the above.

3. Which of the following would result in a higher quantity supplied, a higher quantity demanded, and a lower price paid by buyers than before? (A) The government imposes a binding price floor. (B) The government removes a binding price floor. (C) The government imposes a tax on sellers. (D) The government removes a tax on sellers.

4. Bryan is choosing between two cell phone plans. Plan A charges a monthly fee of $120 and offers unlimited calling. Plan B charges $1 per minute with no monthly fee. His monthly demand for calling minutes is Q = 160 40P, where P is the price per minute and Q is the number of minutes called per month. Based on consumer surplus, which plan will he choose? (A) Plan A. (B) Plan B. (C) Either plan. (D) Cannot be determined.

5. Daniel owns a lawnmowing business in a perfectly competitive market. He charges $27 per lawn and mows 10 lawns per day. His total daily cost is $280, of which $30 is fixed cost. Should he shut down in the short run? Should he exit the market in the long run? (A) Shut down in the short run and exit in the long run. (B) Do not shut down in the short run and do not exit in the long run. (C) Shut down in the short run but do not exit in the long run. (D) Do not shut down in the short run but exit in the long run.

6. A profitmaximizing firm in a perfectly competitive market produces 100 units. Its average revenue is $10, average total cost is $8, and fixed cost is $200. Is its efficient scale greater than, less than, or equal to 100 units? (A) Greater than 100. (B) Less than 100. (C) Equal to 100. (D) Cannot be determined.

7. Under which of the following conditions could a monopolistically competitive firm's profit be maximized? (A) Price is less than marginal cost and greater than average total cost. (B) Price is greater than marginal cost and equal to average total cost. (C) Price is equal to marginal cost and greater than average total cost. (D) Both ( A ) and ( C ) are correct.

8. James owns the only drinkingwater well in town. He faces: Demand: P = 70 Q Marginal Revenue: MR = 70 2Q Marginal Cost: MC = 10 + Q where P is price and Q is quantity. The mayor proposes a price ceiling equal to 50% of the monopoly price. Under this price ceiling, what quantity will he produce? (A) 15. (B) 20. (C) 35. (D) 45.

9. Most of the world's diamond supply comes from South Africa and Russia. Suppose the marginal cost of mining diamonds is constant at $1,000 per diamond (i.e., $1 million per thousand diamonds), and the market demand schedule is given below. If the two countries form a cartel and split the market equally, what is South Africa's profit? (A) $14 million. (B) $16 million. (C) $18 million. (D) $20 million.

10. Continuing from the previous question, what is South Africa's profit in the Nash equilibrium? (A) $14 million. (B) $16 million. (C) $18 million. (D) $20 million.

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