1) Suppose that in the clothing market, production costs have fallen, but the equilibrium price and quantity purchased have both increased. Based on this information you can conclude thatA. the supply of clothing has grown faster than the demand for clothingB. demand for clothing has grown faster than the supply of clothingC. the supply of and demand for clothing have grown by the same proportionD. there is no way to determine what has happened to supply and demand with this information2) Camille's Creations and Julia's Jewels both sell beads in a competitive market. If at the market price of $5, both are running out of beads to sell (they can't keep up with the quantity demanded at that price), then we would expect both Camille's and Julia's to:A. raise their price and reduce their quantity suppliedB. raise their price and increase their quantity suppliedC. lower their price and reduce their quantity suppliedD. lower their price and increase their quantity supplied3) In which of the following industries are economies of scale exhausted at relatively low levels of output?A. Aircraft productionB. Automobile manufacturingC. Concrete mixingD. Newspaper printing4) The average cost curves (AVC and ATC) should be minimizedA. where MC = ATC and MC = AVCB. where FC = ATC and FC = AVCC. where TC starts to increase at a faster rateD. where ATC = AVC5) If the wage rate increases,A. a purely competitive producer will hire less labor, but an imperfectly competitive producer will notB. an imperfectly competitive producer will hire less labor, but a purely competitive producer will notC. a purely competitive and an imperfectly competitive producer will both hire less laborD. an imperfectly competitive producer may find it profitable to hire either more or less labor6) The real wage will rise if the nominal wageA. falls more rapidly than the general price levelB. increases at the same rate as labor productivityC. increases more rapidly than the general price levelD. falls at the same rate as the general price level7) Construction workers frequently sponsor political lobbying in support of greater public spending on highways and public buildings. One reason they do this is toA. restrict the supply of construction workersB. increase the elasticity of demand for construction workersC. increase the demand for construction workersD. increase the price of substitute inputs8) Paying an above-equilibrium wage rate might reduce unit labor costs byA. permitting the firm to attract lower-quality laborB. increasing the cost to workers of being fired for shirkingC. increasing voluntary worker turnoverD. increasing the supply of labor9) A good real-world example of monopolistic competition isA. lawyersB. gas stationsC. Time Warner CableD. groceries stores10) An industry comprising a small number of firms, each of which considers the potential reactions of its rivals in making price-output decisions, is calledA. monopolistic competitionB. oligopolyC. pure monopolyD. pure competition
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