7. In the above figure, when the wage rate increases from $5.00 to $7.50 an hour, Bob chooses less leisure because of
(A) the substitution effect.
(B) the income effect.
(C) both of the above
(D) neither of the above

8. Market power is the _______. (A) political power of monopolies. (B) size of the market. (C) forces of supply and demand. (D) ability of a firm to set its price.

9. The figure above shows the demand and cost curves for a single-price monopolist. What level of output maximizes the firm's economic profit? (A) 0 units (B) 30 units (C) 20 units (D) 50 units

10. The figure above shows the demand and cost curves for a single-price monopolist. What price will the firm charge? (A) $50 per unit (B) $30 per unit (C) $10 per unit (D) $20 per unit

11. The figure above shows the demand and cost curves for a single-price monopolist. What economic profit does this firm earn? (A) $400 (B) $200 (C) zero (D) $600

12. Dell and Gateway must decide whether to lower their prices, based on the potential profits shown in the payoff matrix above. (The profits are in millions of dollars.) In the Nash equilibrium, (A) both Dell and Gateway lower prices. (B) Dell keeps its prices high and Gateway lowers its prices. (C) Gateway keeps its prices high and Dell lowers its prices. (D) both Dell and Gateway keep prices high.

13. Dell and Gateway must decide whether to lower their prices, based on the potential profits shown in the payoff matrix above. (The profits are in millions of dollars.) In the Nash equilibrium, Dell's profit is _______ million and Gateway's profit is _______ million. (A) 5； 20 (B) 15； 15 (C) 10； 10 (D) 20； 5

14. Dell and Gateway must decide whether to lower their prices, based on the potential profits shown in the payoff matrix above. (The profits are in millions of dollars.) If the firms collude and don't cheat, Dell's profit is _______ million and Gateway's profit is _______ million. (A) 5； 20 (B) 15； 15 (C) 10； 10 (D) 20； 5

15. The firm shown in the figure above is _______. (A) not a natural monopoly because its MC curve is below its ATC curve. (B) not a natural monopoly because its MC curve is horizontal. (C) not a natural monopoly because its ATC curve slopes downward where it intersects the demand curve. (D) a natural monopoly because its ATC curve slopes downward where it intersects the demand curve.

16. In the above figure, the utility of wealth curve shown indicates that individual is _______. (A) risk averse. (B) risk preferring. (C) risk neutral. (D) risk averse or risk neutral, depending on income.

17. The above figure shows how an individual evaluates a bet in which he or she has a 0.5 probability of receiving $20 and a 0.5 probability of receiving $200. The individual would be indifferent between (A) $200 with certainty or the expected value of the bet. (B) $20 with certainty or the expected value of the bet. (C) $110 with certainty and the expected value of the bet. (D) $80 with certainty or the expected value of the bet.

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