7. Under which of the following conditions could a monopolistically competitive firm's profit be maximized?
(A) Price is less than marginal cost and greater than average total cost.
(B) Price is greater than marginal cost and equal to average total cost.
(C) Price is equal to marginal cost and greater than average total cost.
(D) Both ( A ) and ( C ) are correct.

8. James owns the only drinkingwater well in town. He faces: Demand: P = 70 Q Marginal Revenue: MR = 70 2Q Marginal Cost: MC = 10 + Q where P is price and Q is quantity. The mayor proposes a price ceiling equal to 50% of the monopoly price. Under this price ceiling, what quantity will he produce? (A) 15. (B) 20. (C) 35. (D) 45.

9. Most of the world's diamond supply comes from South Africa and Russia. Suppose the marginal cost of mining diamonds is constant at $1,000 per diamond (i.e., $1 million per thousand diamonds), and the market demand schedule is given below. If the two countries form a cartel and split the market equally, what is South Africa's profit? (A) $14 million. (B) $16 million. (C) $18 million. (D) $20 million.

10. Continuing from the previous question, what is South Africa's profit in the Nash equilibrium? (A) $14 million. (B) $16 million. (C) $18 million. (D) $20 million.

11. The market demand and supply for a good are: Demand: Q = 100 5P Supply: Q = 5P where Q is quantity of the good and P is price. Suppose each unit of the good produced generates 4 units of pollution. Let pollution be measured in pollution units. Each pollution unit imposes a social cost of $1. If the government limits total pollution to 100 pollution units, what is the total surplus? (A) 225. (B) 275. (C) 325. (D) 375.

12. An airport recently began offering free WiFi. Initially, only a few people use the service. At that point, what type of good is free WiFi? Later, as more people use it, connection speed slows down. At that point, what type of good is free WiFi? (A) Initially a club good; later a public good. (B) Initially a common resource; later a public good. (C) Initially a public good; later a club good. (D) Initially a public good; later a common resource.

13. Which of the following is a government transfer payment? (A) Distributing consumption vouchers. (B) Producing consumption vouchers. (C) Spending consumption vouchers. (D) All of the above.

14. When Toyota expands its production capacity in the United States, the United States will experience (A) an increase in GDP and a decrease in GNP. (B) an increase in GNP and a decrease in GDP. (C) an increase in both GDP and GNP, with GDP increasing more than GNP. (D) an increase in both GDP and GNP, with GNP increasing more than GDP.

15. In a closed economy, GDP is $1,000, government purchases are $200, taxes are $150, and investment is $150. Private saving is (A) $100. (B) $200. (C) $300. (D) $400.

16. If you believe that stock prices follow a random walk, then (A) You agree with the efficient markets hypothesis. (B) You believe that the stock market is irrational. (C) You would spend time studying individual stocks. (D) All of the above.

17. Which of the following events would decrease both the unemployment rate and the laborforce participation rate? (A) Laura finally finds a job after a long search. (B) Lisa finds a job immediately after graduating from college. (C) Alice searches for a long time and eventually gives up job search. (D) Tom quits his job to become a fulltime stayathome father.

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