10 Which of the following is True about the effect of a government-imposed price floor when the price floor being set is above the market equilibrium price?

A. Consumer surplus will increase

B. All firms will gain

C. There will be a product shortage

D. Consumer surplus will decrease

11 A consumer is making purchases of products A and B such that MUa / Pa=1.5 and MUb / Pb=3. The utility-maximizing rule suggests that this consumer should:

A. buy more of product A and less of product B.

B. buy more of product B and less of product A.

C. not make any change in the purchase decision.

D. None of the above

12 Information about a firm's production costs at a particular output level are given below:

Total variable costs $ 7200

Average fixed costs $ 20

Average total costs $ 100

What is the firm's output?

A. 60 units

B. 72 units

C. 90 units

D. It cannot be computed based on the information provided

13 In which of the following market structures do individual firms exert no control over product price?

A.oligopoly

B.pure monopoly

C.monopolistic competition

D.pure competition

14 Suppose that a competitive firm has MC = AVC at $12, MC = ATC at $20, and MC = MR at $16. This firm will:

A.realize a profit of $4 per unit of output.

B.maximize its profit by producing in the short run.

C.minimize its losses by producing in the short run.

D.shut down in the short run.

15 A pure monopolist can sell 20 toys per day for $8.00 each. To sell 21 toys per day, the price must be cut to $7.00. The marginal revenue of the 21st toy is:

A.-$10

B.-$13

C.-$18

D.-$21

16 Monopolistic competition and oligopoly are alike in that:

A.the number of firms is approximately the same in both cases.

B.the kinked-demand analysis is applicable in both instances.

C.strong mutual interdependence exists among firms in both market models.

D.non-price competition is common to both.

17 Which of the following situations may improve the degree of allocative and productive efficiency conditions of oligopoly markets?

A.Less foreign competition stimulates more price competition among local oligopoly firms

B.Oligopolies are less technologically competitive so they lose market share

C.Oligopolies may purposely keep prices below profit-maximizing levels (to create barriers for other firms to enter the industry)

D.The more collusive practices of oligopolies lead to more profit-sharing among firms in the industry

AND PLEASE WRITE DOWN REASONS OR HOW YOU GET THE ANSWER FOR EACH QUESTION.. THANK YOU IN ADVANCE ^^