Question 1 (2 points) Carlos owns one of the 30 lawn mowing businesses in his city. What will happen to his business if there are new entrants into his city's lawn mowing market? Carlos's marginal cost will fall. O Carlos's marginal cost will rise. The demand for Carlos's services will rise. The demand for Carlos's services will fall. Question 2 (2 points) Which of the following two market structures are LESS common? Monopoly and perfect competition Perfect competition and oligopoly Oligopoly and monopolistic competition Monopolistic competition and monopoly Question 3 (2 points) When a company has market power, it is in its market. one of many small companies not a price-taker O producer of nondifferentiated products not able to impact the market equilibrium price Question 4 (2 points) When technology replaces low-skilled jobs in one industry, in the short-run, there is loss of low-skilled jobs. The long-run impact is: higher productivity leading to a better standard of living. higher wages in low-skilled jobs. O lower productivity leading to a worse standard of living. the loss of jobs in other industries. Question 5 (2 points) Marjean walks to work every day along a busy road. As she does so, she breathes in the fumes of many cars, often arriving at work coughing. The economic term for the impact of the cars on Marjean is: an alternative action a nonmarket repercussion. O exploitative supply an externality Question 6 (2 points) An externality is defined as: the effect of an activity undertaken outside a building rather than inside a building, an effect of market activity that impacts the opposite side of the market from the side whose decision caused the effect a side-effect of an activity that affects bystanders whose interests are not taken into account the impact of an activity on buyers and sellers in the market where the activity takes place