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.

11. The market demand and supply for a good are: Demand: Q = 100 5P Supply: Q = 5P where Q is quantity of the good and P is price. Suppose each unit of the good produced generates 4 units of pollution. Let pollution be measured in pollution units. Each pollution unit imposes a social cost of $1. If the government limits total pollution to 100 pollution units, what is the total surplus? (A) 225. (B) 275. (C) 325. (D) 375.

12. An airport recently began offering free WiFi. Initially, only a few people use the service. At that point, what type of good is free WiFi? Later, as more people use it, connection speed slows down. At that point, what type of good is free WiFi? (A) Initially a club good; later a public good. (B) Initially a common resource; later a public good. (C) Initially a public good; later a club good. (D) Initially a public good; later a common resource.

13. Which of the following is a government transfer payment? (A) Distributing consumption vouchers. (B) Producing consumption vouchers. (C) Spending consumption vouchers. (D) All of the above.

14. When Toyota expands its production capacity in the United States, the United States will experience (A) an increase in GDP and a decrease in GNP. (B) an increase in GNP and a decrease in GDP. (C) an increase in both GDP and GNP, with GDP increasing more than GNP. (D) an increase in both GDP and GNP, with GNP increasing more than GDP.

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