[{"id":214765,"question":"In a competitive industry each buyer and seller.","choices":[{"text":"Is a price taker","value":"A"},{"text":"Produce different products","value":"B"},{"text":"Believes that can influence price","value":"C"},{"text":"Prevents the entry of competitors","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214764,"question":"Holding all factors constant except one and increasing a variable factor is expected to lead to steadily decreasing marginal product of the factor this is an example of.","choices":[{"text":"Decreasing returns to scale","value":"A"},{"text":"The law of diminishing returns","value":"B"},{"text":"Constant returns to scale","value":"C"},{"text":"an inefficient production technique","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214763,"question":"The short run marginal cost curve cuts the short run total cost curve and short run average variable cost curve.","choices":[{"text":"At their lowest points","value":"A"},{"text":"When they are declining","value":"B"},{"text":"When they are increasing.","value":"C"},{"text":"When marginal revenue is zero","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214762,"question":"Short run average total costs are equal to the sum of _______ and______","choices":[{"text":"Short run opportunity costs, profit","value":"A"},{"text":"Short run average variable costs, profit","value":"B"},{"text":"short run average variable costs, profit.","value":"C"},{"text":"Short run average variable costs short run average fixed costs","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214761,"question":"The firms long run output decision will be where.","choices":[{"text":"Long run average cost a lowest","value":"A"},{"text":"Marginal revenue equals output","value":"B"},{"text":"Marginal revenue equals long run marginal cost","value":"C"},{"text":"Marginal cost equals output","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214760,"question":"If a firm not operating at the output necessary to achieve al scale economies it has not achieved its.","choices":[{"text":"Efficient scale","value":"A"},{"text":"Average efficient scale","value":"B"},{"text":"Maximum efficient scale","value":"C"},{"text":"Minimum efficient scale","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214759,"question":"If a long average cost rises, output rises from left to right this is an example of.","choices":[{"text":"Increasing returns to scale","value":"A"},{"text":"Decreasing returns to scale.","value":"B"},{"text":"Constant returns to scale","value":"C"},{"text":"the minimum efficient scale","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214758,"question":"A production technique is technically efficient if.","choices":[{"text":"Output is maximized","value":"A"},{"text":"Input are minimized","value":"B"},{"text":"there is no way to make a given output using less of one input and no more of the other inputs.","value":"C"},{"text":"costs are minimized","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214757,"question":"If both Marginal cost and marginal revenue increase, a firm.","choices":[{"text":"Should increase output","value":"A"},{"text":"Should reduce output","value":"B"},{"text":"Will require further information on how to respond","value":"C"},{"text":"should not change output","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214756,"question":"A firm that breaks even after all economic costs are paid is earning.","choices":[{"text":"Economic profit","value":"A"},{"text":"Accounting profit","value":"B"},{"text":"Normal profit","value":"C"},{"text":"Supernormal profit","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214755,"question":"An upward shift in marginal cost ___________ output and an upward shift in _____ marginal revenue __ output.","choices":[{"text":"Reduce , reduce","value":"A"},{"text":"Reduce , increase","value":"B"},{"text":"Increased, increased","value":"C"},{"text":"Increases, reduces","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214754,"question":"Marginal revenue is the ________ when output is.","choices":[{"text":"Change in average revenue, inversed.","value":"A"},{"text":"change in total revenue, increased by one unit","value":"B"},{"text":"change in average revenue, increased by one unit","value":"C"},{"text":"Change in total revenue, incresed.","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214753,"question":"The increase in total cost when one more units is produced is known as.","choices":[{"text":"Marginal cost","value":"A"},{"text":"Opportunity cost","value":"B"},{"text":"Limited cost","value":"C"},{"text":"Average cost","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214752,"question":"Firms are assumed to ____ costs and to _______ profit.","choices":[{"text":"Incur , desire","value":"A"},{"text":"Pay ; make","value":"B"},{"text":"Change ;earn","value":"C"},{"text":"Minimize ; maximize","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214751,"question":"Adding up the quantities demanded of a good by different people facing the same price gives us the.","choices":[{"text":"Supply curve","value":"A"},{"text":"Market demand curve","value":"B"},{"text":"Demand curve","value":"C"},{"text":"Market supply curve","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214750,"question":"The extra utility from consuming one more unit of a good is called.","choices":[{"text":"Marginal utility","value":"A"},{"text":"Additional utility","value":"B"},{"text":"surplus utility","value":"C"},{"text":"Bonus utility","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214749,"question":"Economics assumes that people consume goods and services to achieve.","choices":[{"text":"Status","value":"A"},{"text":"Prestige","value":"B"},{"text":"Utility","value":"C"},{"text":"Self esteem","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214748,"question":"The opportunity cost of a student is.","choices":[{"text":"Course fees and rent","value":"A"},{"text":"A loan from the bank","value":"B"},{"text":"What the student could have earned in the best job available by not studying.","value":"C"},{"text":"What the student will earn after graduation.","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214747,"question":"If your income doubles and the prices of the goods you buy double, then your demand for these goods will likely","choices":[{"text":"Increase","value":"A"},{"text":"Not change","value":"B"},{"text":"Decrease","value":"C"},{"text":"Shift","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214746,"question":"Positive cross elasticities suggest that goods are ______ and negative cross elasticities that goods are.","choices":[{"text":"Substitutes, interior","value":"A"},{"text":"Normal, complements","value":"B"},{"text":"Substitutes, complements","value":"C"},{"text":"Normal , interior","value":"D"},{"value":"E"}],"correctAnswer":3}]