1)The efficiency that occurs when the firm produces a given output by using the least amount of inputs is

a.Information efficiency

b.Market efficiency

c.Economic efficiency

d.Technological efficiency

2)For which of the following products is demand likely to be inelastic

Select one:

a.Clothes

b.Red skirts

c.Skirts

d.Red long skirts

3)if the price elasticity of supply equal infinity, then the supply curve is

Select one:

a.Vertical Line

b.Upward sloping curve

c.Horizontal tine

d.Downward sloping curve

4)Myriam total utility after eating 10 ice cream cones was greater than her total utility after eating 12 ice cream cones. So, Myriam's marginal utility from the 12th Ice cream cone was

Select one:

a.Positive, but less than one

b.Zero

c.Negative

d.Positive, but less than his marginal utility for the 10th ice cream cone

5)For a firm, unlimited liability means

Select one:

a.Legal responsibility for all the debts up to the firm owner's entire wealth

b.Legal responsibility for all the debts up to the firm capital

c.The owner with the largest percentage of ownership is responsible for ail the debts of the firm

d.None of these answers