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
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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.
15) Scarcity arises because of
A. a. limited resources.
B. b. poverty.
C. c. too little money in an economy.
D. d. government inefficiencies.
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