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For problems 1-3 refer to the graph below:

637_type of competition.jpg

problem 1: The type of competition LEAST described by the graph above is:

A. monopolistic
B. perfect
C. imperfect
D. market

problem 2: What could this type of firm due to increase profit:

A. Increase production
B. Reduce marginal cost
C. Increase price
D. It is nearly impossible in the long run.

problem 3: Where would this firm produce at:

A. Point D
B. Point C
C. Point B
D. Point A

problem 4: A coal burning electricity plant generates enough electricity to light most of a state, but they also produce air pollution. The air pollution is referred to as:

A. Unnecessary risk
B. Negative externality
C. Marginal cost
D. Opportunity cost

problem 5: Carl’s Clothes sells 500 shirts a week at an average $10 a shirt. It costs them $100 a day to keep the doors open, what is their average revenue for the week?: *

A. $500,000
B. $5,000
C. $4,300
D. $1,000

problem 6: At the beginning of the year the CPI was 300, but during the year inflation rose 5%, what was the CPI at the end of the year:

A. 350
B. 450
C. 315
D. 300

problem 7: CPI or consumer price index is best described as:

A. The overall price level
B. The disposable income of an average family
C. The price for an set basket of goods
D. How much people are willing to buy on average

problem 8: Which of the following scenarios would describe a decrease in supply:

A. Cheaper inputs
B. An increase in price
C. Higher employment
D. Shortage of inputs

problem 9: An electronic firm has found that their MC is still positive, meaning that they should hire more employees. When is it economically sound to stop hiring:

A. When the MC = 0
B. When the MC < 0
C. Just before MC = 0
D. When MC = TC

problem 10: A firm’s costs are described by the equation: TC(Y) = U + V + X(Y). Which variable(s) represent fixed cost:

A. X and Y
B. TC
C. U and V
D. U

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