Write sentences explaining why each of the answers is the correct answer. 1. Which of the following would be an example of a competitive market: Ans: the car market

2. Popeye never gets sick of eating free spinach. With this info, we know that Popeyes's: Ans: Total utility for spinach is always rising.

4. In a perfectly competitive market we know the demand curve facing each firm will be: Ans: perfectly elastic

5. In class we had a group of students producing tennis balls. We noticed that when we had 2 workers we produced 13 ballas, when we had 4 workers we produced 16 balls, and when we had 6 workers we produced 18 balls. This is an example of: Ans: Diminishing marginal product.

6. When I show people pictures of my adorable kids they tend to be very happy to see the first picture. When I continue to show pictures they don't seem as happy to see the tenth picture. This is because: Ans: Diminishing marginal utility

7. Econmomis model consumer satisfaction assuming that consumers find the combination of goods that gives them the most: Ans: Total utility

8. Economists consider both explicit costs and implicit costs when measuring economic profit. The reason economists consider implicit costs is that: Ans: implicit costs are relevant for firms deciding whether to stay in business

9. It is important for a firm to know its minimum efficient scale of production because that is where: Ans: Long run average total costs are minimized