Explain why that answer was chosen or why the answer makes sense in more detail. You may add an example to complement your response.

17. A labor demand curve will shift because of: A. the slope of the MP curve. B. the elasticity of demand for the final product. mm. D. the factors cost relative to the total cost. Figure: Equilibrium in the Labor Market Watge Market ra e labor supply curve Market labor demand curve L" Quantity of labor (workers) 19. SEE TABLE. Refer to the given information. In maximizing its profit, this firm will employ A. 2 units of labor. B. 5 units of labor. C. 4 units of labor. D. 5 units of labor. Explain why that answer was chosen or why the answer makes sense in more detail. You may add an example to complement your response. 1, The cost of leaving the tournament before it ends is 7. while the cost of staying for all the event 7. A. the opportunity cost of not seeing the perfect \"10" performance that happens; zerothe ticket to the tournament is already paid. so there is no cost B. the opportunity cost of not seeing the perfect "10" performance that happens; the opportunity cost of what else you could have done during that time C. zeroiyou don't have to pay to leave: zeroithe ticket to the match is already paid so there is no cost D. the cost of the ticket,- the cost of the ticket 5. Specialization in production is important primarily because it A. results in greater total output B. allows society to avoid the Coincidentof'wants problem. C. allows society to trade by barter. D. allows society to have fewer capital goods. 5. If products were in short or surplus supply in the Soviet Union, A. price and profit signals eliminated those shortages and surpluses. B. price and profit signals intensified those shortages and surpluses. W D. the planners would immediately adjust production to achieve equilibrium. 7. Claudia worked as an accountant, earning $50,000 annually. Then she inherited a piece of commercial real estate that had been renting for $12,000 annually. Claudia decided to leave herjob and operate a Mexican restaurant in that space. At the end of the first year. her total revenues of $260,000 and total costs of $250,000 for food, utilities, cooks, and other supplies. Her economic profit at the end of one year is A. $250,000. 13. $50,000. C. $20,000. 2 $1200\" 9. You plan to attend a movie on Saturday night. You buy a ticket for $15 and then lose it. According to marginal analysis, you should: A. go home. B. buy another ticket and attend the movie. C. buy another ticket and go to the movies only if your marginal benefit of the movie is more than $15. D. look for the lost ticket. 11. A governmentirestrictions monopoly is most likely to result if a single firm: A. is the only seller in a small town or community. E . . _ l . . l l . C. experiences long-run increasing economies of scale over a wide range of output. D. has gained control over a strategic government input of an important production process. 15. The wedding dress industry is monopolistically competitive. As a result, which ufthe following conditions applies to this industry? A. There are thousands of dress suppliers, all selling identical products ten to be differentiated amon the man sellers servin this market. C There is freedom of entry but not exit in this industry. D. Prices tend to be lower than ifthe dress industry approximated perfect competition 15. Factor demand is said to be derived demand because it: A. requires the use of other factors. Wm C. has a downwardrsloping demand curve. D has a constant marginal factor cost