[{"id":148158,"question":"<div>Under the kinked demand curve model, an increase in marginal cost will lead to:</div>","choices":[{"text":"<div>An increase in output level and a decrease in price.</div>","value":"A"},{"text":"<div>A decrease in output level and an increase in price.</div>","value":"B"},{"text":"<div>A decrease in output level and no change in price.</div>","value":"C"},{"text":"<div>Neither a change in output level our a change in price.</div>","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":148157,"question":"<div>In monopoly, which of the following is NOT true?</div>","choices":[{"text":"Products are differentiated","value":"A"},{"text":"<div>There is freedom of entry and exit into the industry in the long run</div>","value":"B"},{"text":"The firm is a price maker","value":"C"},{"text":"There is one main seller","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":148156,"question":"The price elasticity of demand for any good must be less than or equal to zero unless:","choices":[{"text":"The good is a necessity.","value":"A"},{"text":"The good is a luxury.","value":"B"},{"text":"The good is a Ciffen good.","value":"C"},{"text":"None of the given options.","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":148155,"question":"<div>The market structure in which strategic considerations are most important is:</div>","choices":[{"text":"Monopolistic competition.","value":"A"},{"text":"Oligopoly.","value":"B"},{"text":"Pure competition.","value":"C"},{"text":"Pure monopoly.","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":148153,"question":"<div>A monopolistically competitive firm in the long run equilibrium:</div>","choices":[{"text":"Will make negative profit.","value":"A"},{"text":"Will make zero profit.","value":"B"},{"text":"Will make positive profit","value":"C"},{"text":"Any of the given are possible.","value":"D"},{"value":"E"}],"correctAnswer":2}]