11) Beth’s friends want to take her to a movie or a play for her birthday. Beth chooses to attend the play. We know that:
A. . Beth has made an irrational decision.
B. . not seeing the movie is Beth’s opportunity cost of attending the play.
C. . Beth did not make a decision at the margin.
D. . seeing the play did not cost Beth anything since she did not have to pay for the ticket.
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10) If a 10 percent increase in price leads to a 12 percent decline in the quantity demanded, the price elasticity of demand is
A. . 0.83
B. . 1.2
C. . 2
D. . 2.2
9) Which of the following is not a condition for perfect competition?
A. . Each firm takes the market price as given.
B. . One firm producing many products.
C. . Firms produce identical, or nearly identical, products.
D. . Freedom of entry and exit.
8) A firm will shut down in the short run if
A. . P
B. . P > AVC
C. . P
D. . P > MC
14) Economics is primarily the study of
A. a. how to make money in the stock market.
B. b. how to operate a business successfully.
C. c. how society manages its scarce resources.
D. d. the methods that government might use to transform a scarce good into an economic good.
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