12. Refer to Table. If the marginal cost of production in this market is $4, what is the socially efficient quantity of output?
(A)3 units
(B)4 units
(C)5 units
(D)6 units

13. Which is the following individuals is the best example of a structurally unemployed worker? (A)A recent college graduate who has entered the labor force. (B)An individual who quits one job in the hope of finding a better job. (C)An individual who has been laid off from his job because of a business cycle recession. (D)An automobile worker who has lost her job because of an increase in automobile imports and does not have the skills currently needed by businesses.

14. In January, the price of dark chocolate candy bars was $2.00, and Willy's Chocolate Factory produced 80 pounds. In February, the price of dark chocolate candy bars was $2.50, and Willy's produced 110 pounds. In March, the price of dark chocolate candy bars was $3.00, and Willy's produced 140 pounds. Using the midpoint method, the price elasticity of supply of Willy's dark chocolate candy bars was about (A)0.70 when the price increased from $2.00 to $2.50 and 0.76 when the price increased from $2.50 to $3.00. (B)0.88 when the price increased from $2.00 to $2.50 and 1.08 when the price increased from $2.50 to $3.00. (C)1.28 when the price increased from $2.00 to $2.50 and 1.16 when the price increased from $2.50 to $3.00. (D)1.42 when the price increased from $2.00 to $2.50 and 1.32 when the price increased from $2.50 to $3.00.

15.Scenario: Doreen's Dairy produces and sells Swiss cheese. Last year, it produced 7,000 pounds and sold each pound for $6. In producing the 7,000 pounds, the dairy incurred variable costs of $28,000 and a total cost of $40,000. Refer to Scenario. In producing the 7,000 pounds of cheese, the firm's average variable cost was (A)$1.71. (B)$4.00. (C)$5.71. (D)$6.00.

16. The profit-maximization problem for a monopolist differs from that of a competitive firm in which of the following ways? (A)A competitive firm maximizes profit at the point where average revenue equals marginal cost； a monopolist maximizes profit at the point where average revenue exceeds marginal cost. (B)A competitive firm maximizes profit at the point where marginal revenue equals marginal cost； a monopolist maximizes profit at the point where marginal revenue exceeds marginal cost. (C)For a competitive firm, marginal revenue at the profit-maximizing level of output is equal to marginal revenue at all other levels of output； for a monopolist, marginal revenue at the profit- maximizing level of output is smaller than it is for larger levels of output. (D)For a profit-maximizing competitive firm, thinking at the margin is much more important than it is for a profit-maximizing monopolist.

17. Assume that a college student purchases only Ramen noodles and textbooks. If Ramen noodles are an inferior good and textbooks are a normal good, then the income effect associated with an increase in the price of a textbook will result in (A)a decrease in the consumption of textbooks and a decrease in the consumption of Ramen noodles. (B)a decrease in the consumption of textbooks and an increase in the consumption of Ramen noodles. (C)an increase in the consumption of textbooks and an increase in the consumption of Ramen noodles. (D)an increase in the consumption of textbooks and a decrease in the consumption of Ramen noodles.

18. For a particular good, a 12 percent increase in price causes a 3 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good? (A)There are many substitutes for this good. (B)The good is a necessity. (C)The market for the good is narrowly defined. (D)The relevant time horizon is long.

19. For a perfectly competitive firm, in the long-run equilibrium, (A)P = AFC = ATC = MR. (B)MR = MC = AFC. (C)MR = P = ATC = MC.(D)P = MC ＞ ATC.

20. Which of the following shifts the supply curve rightward? (A)an increase in consumer's income (B)a positive change in preferences for the good (C)a decrease in the price of the good (D)a decrease in the price of a factor of production used to produce the good

21. The Laffer curve illustrates that (A)deadweight loss rises by the square of the increase in a tax. (B)deadweight loss rises exponentially as a tax increases. (C)tax revenue first rises, then falls as a tax increases. (D)Both a) and b) are correct.

22. Which of the following goods is rival and excludable? (A)an uncongested toll road (B)an uncongested nontoll road (C)a congested nontoll road (D)a congested toll road

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