11. Suppose Nike's managers were considering expanding into producing sports beverages. Why might the company decide to do this under the Nike brand name? [15 points) 12. Changes in prices of a good causes: (1 point) a. movement along the demand curve b. movement along the supply curve c. no movement along either curve d. both a and b 13. Say the average price of a new home in Lampard City is $160,000. The local government has just passed new licensing requirements for housing contractors. Based on possible shifts in demand or supply and assuming that the licensing changes don't affect the quality of new houses, which of the following is a reasonable prediction for the average price of a new home in the future? [5 points) a. $140,000 b. $150,000 c. $160,000 cl. $170,000 14. What is the main difference between a competitive firm and a monopoly firm? [1 point) a. The number of customers served by the firm. b. Monopoly firms are more efficient and therefore have lower costs. c. Monopoly rms can generally earn positive profits over a longer period of time. cl. Monopoly firms enjoy government protection from competition. 15. At a university faculty meeting in 2012, a proposal was made to increase the housing benets for new faculty to keep pace with the high cost of housing. What will likely be the long-run effect of this proposal? (Hint: Think indifference principle.) [20 points) 16. Attractive industries have all the following, except: [1 point) a. high supplier power. b. low buyer power. c. high entry barriers. d. low rivalry