16.
Suppose that the demand for my new book, Spatulas From Around the World, is such that the demand curve lies everywhere below the average variable cost of producing it. To maximize profits or minimize losses, I should
(Points :8)
raise price
lower price
produce more
shut down
17. An increase in the price of a resource will cause a rightward shift of its supply curve. (Points :8)
True
False


18. A game show host who gave up his job as a teacher brags about his salary, saying "the rest is pure gravy." Here, "the rest" refers to (Points :8)
explicit cost
implicit cost
opportunity cost
economic rent


19.
If ten cases of pretzels are sold at a price of $8 each and the marginal product of the last unit of labor is 5, the firm's total revenue is $13.
(Points :8)
True
False

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