1.As quantity consumed increases

a)Marginal utility and total utility increase

b)Total utility increases and marginal utility decreases

c)Total utility increaseswhile marginal utility remains constant

d)Total utility decreases while marginal utility remains constant

2.The short run is a period of time in which

a)The quantity of at least one factor of production is fixed.

b)The amount of output is fixed.

c)Prices and wages are fixed.

d)Nothing the firm does can be altered.

24. An oligopoly is an industry market structure with

a)A single firm in which the entry of new firms is blocked.

b)A small number of firms each large enough to impact the market price of its output.

c)Many firms each able to differentiate their product.

d)Many firms each too small to impact the market price.

25. Monopolistic competition is an industry market structure with

a)A single firm in which the entry of new firms is blocked.

b)A small number of firms each large enough to impact the market price of its output.

c)Many firms each able to differentiate their product.

d)Many firms each too small to impact the market price of its output.