Question 1 (0.3125 points) In which of the following market structures is the barrier to entry the strongest? perfect competition monopoly O oligopoly monopolistic competition Question 2 (0.3125 points) Why is price being constant to the individual business selling in a perfectly competitive market? there are no good substitutes for its product the business's demand curve is downward-sloping Oeach seller is a price-taker product differentiation is reinforced by extensive advertising Question 3 (0.3125 points) What does liquidity refer to in capital markets? O the amount of cash in excess of the needs of consumption O the amount of cash available to pay long-term debt the amount of cash available for investment the amount of cash available for savings Question 4 (0.3125 points) What will cause a shift in aggregate supply? Oa change in quantity or quality of labour Oa change in demand for exports Oa change in fiscal policy O change in monetary policy Question 5 (0.3125 points) Which of the following industries most closely approximates a monopoly? telecommunications automotive public utility oil and gasQuestion 6 (0.3125 points) 3. The first, second, and third workers add 18, 17, and 24 units to total product, respectively. Marginal productivity of third worker is maximum. Write in your answer below to the above statement. A/ Question 7 (0.3125 points) What is marginal product? increase in total revenue attributable to the employment of one more worker increase in total cost attributable to the employment of one more worker increase in average product attributable to the employment of one more worker increase in total output attributable to the employment of one more worker Question 8 (0.3125 points) What is marginal cost? rate of change in fixed costs that results from producing one more unit of output change in average variable cost that results from producing one more unit of output change in total cost that results from producing one more unit of output change in average cost that results from producing one more unit of output Question 9 (0.3125 points) Which of the following is true about average cost? on a graph resembles an upward sloping curve on a graph it resembles an upside-down saucer-shaped curve on a graph it resembles a saucer-shaped curve on a graph resembles a downward sloping curveQuestion 10 (0.3125 points) Which of the following best describes the aggregate demand curve? is upward-sloping, since higher prices lead to higher output is downward-sloping, since a higher price level makes production more profitable Oshows the amount of real output that will be purchased at each possible price level shows the amount of real output that will be produced at each possible price level Question 11 (0.3125 points) Which of the following occurs in the long run? all costs are variable costs all costs are fixed costs fixed costs are greater than variable costs variable costs equal to fixed costs Question 12 (0.3125 points) A company had implicit costs of $300,000 and had explicit costs of $3 million last fiscal period. Write in your answer below to the above statement. Question 13 (0.3125 points) Which of the following is a basic characteristic of perfect competition? significant use of advertising to promote products Oa large number of buyers and sellers significant entry and exit barriers the obstructed operation of the forces of supply and demandQuestion 14 (0.3125 points) Which of the following best describes the labour market demand curve? horizontal at the prevailing market wage rate a downward sloping curve as marginal product is downward sloping identical to the marginal resource cost curve Oa graph showing the workers demanded at each product price Question 15 (0.3125 points) At what point does a perfectly competitive business achieve breakeven? normal profits are zero total revenue equals variable cost marginal cost intersects the average variable cost curve price equals minimum average cost Question 16 (0.3125 points) Which of the following is an example of government fiscal policy? the government creates a bylaw restricting garbage disposal the government increases minimum wage level The government increases the money supply to reduce interest rates the government increases the level of income tax