1. Consider the following supply schedules on the attachment for Andrew, yuan, and Kevin, who are the only producers of coffee beans: if the market equilibrium price is $15 per pound of coffee beans, then what is the market quantity supplied? Assume the market is perfectly competitive and in equilibrium. A. 0 pounds. B. 11 pounds. C. 22 pounds. D. 33 pounds. E. 44 pounds. 2. Which of the following would lead to a shift to the right of the supply curve of a specific product? A. An increase in the price of the product. B. A decrease in the price of the product. C. The addition of a per-unit tax on a product. D. An increase in technological improvements. E. A decrease in the number of suppliers supplying the same product. 3. Widgets are known to have inelastic demand when their price increases from $2 to $4. What must be true of the change in quantity demanded over this price range? A. It increased by exactly 100 percent. B. It decreased by exactly 100 percent. C. It decreased by less than 100 percent. D. It increased by more than 100 percent. E. It decreased by an indeterminate amount. 4. A business notices that after it lowered its price it saw more quantity demanded but lower total revenue. What does this mean? A. It is operating at productive inefficiency. B. It is experiencing diminishing marginal returns. C. It is in the elastic part of the demand curve for its product. D. If is in the inelastic part of the demand curve for its product. E. It's products elasticity coefficient must be greater than one.

Andrew Yuan Kevin Price per Pound Pounds of Coffee Beans Produced $20 8 24 12 $15 6 18 9 $10 4 12 6 $5 2 6 3 $0 O O 0