7) An increase in fixed cost will affect which of the following?
A. a. Marginal cost.
B. b. Average variable cost.
C. c. Average total cost.
D. d. Marginal revenue.
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8) A firm will shut down in the short run if
A. a. P < AVC
B. b. P > AVC
C. c. P < MC
D. d. P > MC
9) Which of the following is not a condition for perfect competition?
A. a. Each firm takes the market price as given.
B. b. One firm producing many products.
C. c. Firms produce identical, or nearly identical, products.
D. d. Freedom of entry and exit.
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. a. 0.83
B. b. 1.2
C. c. 2
D. d. 2.2
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. a. Beth has made an irrational decision.
B. b. not seeing the movie is Beth’s opportunity cost of attending the play.
C. c. Beth did not make a decision at the margin.
D. d. seeing the play did not cost Beth anything since she did not have to pay for the ticket.
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