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. 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 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. 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