Refer to the information provided in Figure 9.7 below to answer the question(s) that follow. 
Figure 9.7 Refer to Figure 9.7. This increasing cost industry's ________ would be found by drawing a line from points B to E.
A. long-run demand curve
B. long-run supply curve
C. marginal revenue curve
D. marginal cost curve
Answer: B
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We say that a good has elastic demand whenever the absolute value of the price elasticity of demand is greater than 1. A 1 percent change in price therefore causes
A) exactly a 1 percent change in the quantity demanded. B) a change of less than 1 percent in the quantity demanded. C) a greater than 1 percent change in quantity demanded. D) a change that cannot be determined based on 1 percent.
During 2003-2007, the price of crude oil increased substantially on the world market. Other things constant, how will an unanticipated increase in oil prices influence the general level of prices and real output of oil-importing nations such as the United States and Japan?
a. Both real output and the general level of prices will decrease. b. Both real output and the general level of prices will increase. c. Real output will increase, and the general level of prices will decrease. d. Real output will decrease, and the general level of prices will increase.
What is the future value of $1,000 in three years if the rate of discount is equal to 5 percent?
A) $1,150.00 B) $1,005.00 C) $1,157.63 D) $863.84
When there are no externalities
A. social costs are less than private costs. B. private costs equal social costs. C. social costs are greater than private costs. D. private costs are greater than social costs.