13) The demand for a good is more elastic if the Select one: a. good has few substitutes. b. supply of the good is plentiful. c. good is narrowly defined. d. good is a necessity. 14) Ticket prices to a Kanye West concert increase from $40 to $60. As a result, ticket sales decrease from 50,000 to 40,000. Total revenue changes from ________ and demand is ________. Select one: a. $2 million to $2.4 million; inelastic b. $2.4 million to $2 million; elastic c. $40 to $60; elastic d. $2 million to $2.4 million; elastic 15) Suppose an increase in demand causes the price to increase from $2 to $4 and the quantity to increase from 1,000 to 1,800. Then, at the midpoint between these two prices, the elasticity of supply equals Select one: a. 2.74. b. 0.86. c. 1.17 d. 0.68. 16) The primary goal of a business firm is to Select one: a. promote fairness b. make a quality product c. maximize profit d. promote workforce job satisfaction 17) Quantity of Labor (workers) 0 1 2 3 4 5 6 Total Product (units per hour) 0 2 5 9 15 18 17 The table above shows the total product schedule for The X Firm. Increasing marginal product occur until the ________ worker because ________. Select one: a. 4th; the marginal product of the 4th worker exceeds the 3rd worker, but not the 5th worker b. 5th; output is maximized c. 5th; output declines with the 6th worker d. 3rd; the average product of labor is also increasing 18) The table above shows the total product schedule for The X Firm. Decreasing marginal return occur with the ________ worker because Select one: a. 5th; the marginal product of labor for the 5th worker is less than the marginal product of the 4th worker b. 6th; the marginal product of labor is greater than the average product of labor c. 5th; the average product of labor is also declining d. 6th; output starts to decline 19) The table above shows the total product schedule for The X Firm. The average product of labor is maximized at ________ workers because Select one: a. 4; productivity is maximized when the 4th worker is employed b. 4; the marginal product of labor is increasing with the 4th worker c. 5; the APL exceeds the MPL for the 5th worker d. 3; output starts to decrease with the 4th worker 20) The law of decreasing returns states that as a firm uses more of a Select one: a. variable input, with a given quantity of fixed inputs, the marginal product of the variable input eventually decreases. b. variable input, output will begin to fall immediately c. fixed input, with a given quantity of variable inputs, the marginal product of the fixed input eventually decreases. d. variable input, total output will increase indefinitely. 21) Average total cost equals Select one: a. average fixed cost plus average variable cost plus marginal cost b. the change in total cost divided by the change in output. c. total fixed cost divided by output. d. average fixed cost plus average variable cost. 22) What is the difference between perfect competition and monopolistic competition? Select one: a. In perfect competition, firms produce identical goods, while in monopolistic competition, firms produce slightly different goods. b. Perfect competition has a large number of small firms while monopolistic competition does not. c. Perfect competition has no barriers to entry, while monopolistic competition does. d. Perfect competition has barriers to entry while monopolistic competition does not. 23) In order to maximize its profit, a single-price monopoly produces the amount of output so that Select one: a. MR = MC b. P = MC c. P = MR. d. P = MC - MR 24) Which of the following is found ONLY in oligopoly? Select one: a. entry into the industry is blocked b. sellers face a downward sloping demand curve for their product c. one firm's actions affect another firm's profit d. producers who sell identical products 25) When oligopolies seek to operate as a single-price monopoly, the firms produce at the point where Select one: a. P < ATC. b. P = MC c. P = MR. d. MR = MC. 26) What does monopolistic competition have in common with perfect competition? Select one: a. the ability to make an economic profit in the long run b. a large number of firms and freedom of entry and exit c. product differentiation d. a standardized product 27) What does monopolistic competition have in common with monopoly? Select one: a. mutual interdependence b. the ability to collude with respect to price c. a downward-sloping demand curve d. a large number of firms 28) firm 1, 2, 3, 4, 5, 6, 7, 8, 9 Market sharee (%) 20 20 15 10 10 8 7 5 5 There are 9 firms in an industry with market shares in the table above. Calculate the HHI for the industry. What kind of market does this operate in and why