7) Assume a competitive market, if the price of 1kilo of strawberry is QAR5, and the average variable cost for producing 1kilo of strawberry is QARS, in this case: A) it is better to increase the production B) it is better to stop the production C) it is better to increase the production because the profit is QAR8 for each unit. D) Since it is competitive market, the trader should increase the price in order to cover the total cost. 8) Which of the following displays rivalry and excludability in consumption? A) public goods B) quasi-public goods C) private goods D) common resources 9) Which of the following characteristics does not go along with the competitive market situation: A) no barriers to new firms entering the market B) all firms sell identical products C) barriers to firms exiting the market D) any single seller is unable to affect the market price 7) Assume a competitive market, if the price of 1kilo of strawberry is QAR5, and the average variable cost for producing 1kilo of strawberry is QARS, in this case: A) it is better to increase the production B) it is better to stop the production C) it is better to increase the production because the profit is QAR8 for each unit. D) Since it is competitive market, the trader should increase the price in order to cover the total cost. 8) Which of the following displays rivalry and excludability in consumption? A) public goods B) quasi-public goods C) private goods D) common resources 9) Which of the following characteristics does not go along with the competitive market situation: A) no barriers to new firms entering the market B) all firms sell identical products C) barriers to firms exiting the market D) any single seller is unable to affect the market price