1)A leftward shift in a demand curve and a rightward shift in a supply curve, which are of equal percentage, will result in A)higher equilibrium price and equilibrium quantity is unchanged. B)lower equilibrium price and equilibrium quantity is unchanged C)higher equilibrium quantity and equilibrium price is unchanged D)lower equilibrium quantity and equilibrium price is unchanged 2)The second stage in production best happens when A)the producer stops the production. B)the producer needs to increase its production by hiring more labours. C)production is inefficient. D)the production is in the most efficient stage. 3)In oligopoly market, the kinked demand curve is based on the assumptions that A)the rival follows any decisions made by the firm. B)the rival will not follow any decisions made by the firm C)the rival will ignore price cut and follows price increase. D)the rival will ignore price increase and follows price cut. 4)Which is the correct sequence if we are ranking market structures from that where a firm has most control over price to that where a firm has least control? A)Oligopoly, monopoly, monopolistic competition, perfect competition. B)Perfect competition, monopoly, oligopoly, monopolistic competition. C)Monopoly, oligopoly, monopolistic competition, perfect competition. D)Monopolistic competition, monopoly, oligopoly, perfect competition