9. Use the information about the total cost function supplied above. The quantity of output where the average cost curve is at a minimum will change whenever: The A term changes. The B term changes. The C term changes. The D term changes. All of the statements are true Statements A & B are true. Statements A & C are true. Statements A & D are true. Statements A, B & C are true. Statements A, C & D are true.

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14. Here are several statements about the demand and output of a monopoly producer: 1. For a monopolist, the change in total revenue brought about by producing an extra unit of output is always less than the current price of that output. II. A monopolist will maximize profit at the output where marginal revenue is as high as possible above marginal cost III. A monopoly firm will maximize profit by producing where demand is inelastic Which of the above statements are true? A) I only B) II only C) III only D) I and II E) I and III F) II and III G) I and II and III ) none of the statements are true

Which of the following statements is/are TRUE?

1) If the market price falls below the Average Fixed Costs (AFC) of production then the firm will minimize losses by "shutting down" production.

2) A firm will earn an economic profit if it sells output at a market price that exceeds the Average Variable Costs (AVC) of production.

3) At the current level of production (q) the Marginal Revenue (MR) is $25 and Marginal Cost (MC) is $20 the perfectly competitive firm should decrease its' level of production.

A. Only Statement (1) is TRUE.

B. Only Statements (2) and (3) are TRUE.

C. Only Statement (3) is TRUE.

D. Only Statements (1) and (3) are TRUE.

E. None of the Statements is TRUE.

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19. Which of the following statements about elasticity and total expenditure by consumers is (are) generally true? DIf the elasticity of demand is one, changes in price will have little or no effect on the total amount spent on the good by consumers. ((IT) If the demand is elastic, a rise in price will in general cause the total amount spent on the good by consumers to fall. III) If the demand is inelastic and producers try to sell more of the good, the total revenue received by producers will generally rise. & II A) only! F) II & III C) only III D ) none of the three E) I & III B) only II ) I, II & III G

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