(no need explanation only answer will be fine , Thanks)

1.Blanca would prefer a certain income of $20,000 to a gamble with a 0.5 probability of $10,000 and a 0.5 probability of $30,000. Based on this information:

a.we cannot infer Blanca's risk preferences.

b.we can infer that Blanca is risk loving.

c.we can infer that Blanca neutral.

d.we can infer that Blanca is risk averse.

2.A price floor policy establishes a minimum price for a market. Which of the following results from a binding price floor?

a.Excess demand

b.Shortage

c.Excess supply

d.Equilibrium

3.A situation in which each firm selects its best action, given what its rivals are doing, is called a:

a.Stackelberg equilibrium.

b.Cooperative equilibrium.

c.none of the above

d.The ultimatum game

4.Which of the following relationships is NOT valid?

a.Rising marginal cost implies that average total cost is also rising.

b.When marginal cost is below average total cost, the latter is falling.

c.When marginal cost is above average variable cost, AVC is rising.

d.None of these

5.A supply curve reveals:

a.the quantity of output that producers are willing to produce and sell at each possible market price.

b.the maximum level of output an industry can produce, regardless of price.

c.the quantity of output consumers are willing to purchase at each possible market price.

d.the difference between quantity demanded and quantity supplied at each price.

6.A firm maximizes profit by operating at the level of output where:

a.average revenue equals average variable cost.

b.marginal revenue equals marginal cost.

c.average revenue equals average cost.

d.marginal revenue exceeds marginal cost by the greatest amount.

e.total costs are minimized.