1. Establishing an effective price floor would help

2. All of the following explain the downward slope of the demand curve EXCEPT

3. If the price of cigarettes is in equilibrium, what is needed to increase the price?

4. Cartels are an example of

5. The significant purpose of a “barrier to entry” in a market is

6. For a perfectly competitive market, the best way to maximize profit is

7. Price elasticity of demand is an extremely useful tool in economics because

8. Game theory fits best with which market structure?

9. In a perfect competition, if P > ATC, which of the following will take place in the long run?

10. An airline may identify a specific group of people and charge them a different rate. This is known as

11. The number of substitutes for a good and time are known as

12. A limit on interest rates charged by a credit card company is an example of a

13. Measuring efficiency through allocation of resources is best expressed in which formula?

14. The difference between total revenue and total explicit and implicit costs is known as

15. All of the following are factors that contributed to Supply 1 shifting to Supply 2 EXCEPT

16. A business organization that operates and owns multiple plants is known as a(n)

17. If you are reading a firm’s business plan and see many resources dedicated to advertising, you would know that the firm’s market structure is a(n)

18. Specialization and lower costs of inputs will often result in

19. How do economists know that a good is a viable substitute?

20. One of the key differences the makers of the iPhones and the BlackBerry smartphones utilize as part of a monopolistic competition is

21. Total variable costs refers to

22. Deirdre is shopping at the mall with her five-year-old daughter. She decides to treat her daughter to a small toy. They browse the aisles of a toy store and come across two dolls. Both dolls are essentially the same in appearance, except Doll B is $5 more than Doll A. Deirdre ends up buying the more expensive doll because her daughter loves the designs on the box it comes in. This scenario illustrates

23. If a cartel comes into existence, the most likely outcome would be that

24. Firm X decides to shut down production in the short run where its costs would be

25. The notion that the actions of producers in their own self-interest will result to further the public interest is known as