Question 2 (1 point} Il Which of the following scenarios would definitely cause the price of good or service to decrease? (Check all that apply.) C] increase in demand; no change in supply C] no change in demand: increase in supply C] decrease in demand; increase in supply C] decrease in demand; no change in supply C] decrease in demand; decrease in supply C] increase in demand; decrease in supply C] increase in demand; increase in supply C] no change in demand: decrease in supply Question 3 (1 point} II All of the following helps explain why perfectly competitive firms are price take rs except 0 it is easy to enter the industry. O they sell differentiated products. 0 they sell standardized products. O buyers have complete information about the product. Question 4 (1 point) I Demonstrate your comprehension of differences in changes in supply versus changes in quantity supplied by matching choices. shown graphically as movement down along a supply curve caused by a decrease in the price of the good or service shown graphically as a 1' increase in supply leftward shift in a supply curve 2. Increase In quantity supplied shown graphically as a 3 decrease in supply rightward shift in a supply curve 4. decrease in quantity supplied shown graphically as movement up along a supply curve caused by an increase in the price of the good or service Question 5 (1 point) I A decrease in supply O cannot be caused by a change in price. O is caused by an increase in price. O is caused by a decrease in price. O is shown graphically by moving from one point to another on a particular supply curve. Question 6 (1 point) I The price elasticity of supply is likely to be least elastic O today. in one ear. O v O in 10 years. O tomorrow. Question 7 (1 poi nt) I Change in total cost divided by change in quantity is 0 average variable cost. O average total cost. 0 marginal cost. O average fixed cost. Question 8 (1 poi nt) I When the quantity produced is zero, 0 total cost equals total fixed cost. O total cost equals total variable cost. 0 all costs will be zero. O total variable cost equals total fixed cost. Question 9 (1 poi nt) I A price taker charges 0 a higher price than their competitors. O a lower price than their competitors. 0 the prevailing market price. 0 whatever price they want. Question 10 (1 point} I Books Ft Us sells vintage collectible books. The company is willing to sell a particular book for as little as $50. Its main competitor is Hard 2 Find Books, which is willing to sell the book for as little as $45. The current market price of that particular book is $70. What is the total producer surplus for the two firms? Your Answer: :1 Answer Question 11 (1 point} I In a perfectly competitive market the industry demand curve is downward sloping, but the demand curve for an individual firm is perfectly elastic. the industry demand curve is perfectly elastic, but the demand curve for an individual firm is downward sloping. O both the industry demand curve and the demand curve for an individual firm are downward sloping. both the industry demand curve and the demand curve for an individual firm are perfectly elastic. Question 12 (1 point} I The law of supply states that, all else equal. when price decreases O supply will decrease. O quantity supplied will decrease. O quantity supplied will increase. 0 supply will increase