Exhibit 7-15 Long-run average cost
In Exhibit 7-15, diseconomies of scale are shown in the range of:
A. 0 to 500 units per week.
B. 500 to 1,000 units per week.
C. 1,000 to 2,000 units per week.
D. zero per week.
Answer: C
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as 
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting upward C. Short-run aggregate supply shifting downward D. Aggregate demand shifting leftward
An essential characteristic of a monopoly is:
A. the good must have no close substitutes. B. there can only be a few sellers in the market. C. only one buyer must exist. D. many buyers must exist.
The quantity theory of money assumes that the velocity of money:
a. will rise if the money supply rises, but it will not change if the money supply falls. b. will fall if the money supply rises, and it will rise if the money supply falls. c. is constant. d. will rise if the money supply rises and fall if the money supply falls.
The market demand curve shows the relationship between the price and the quantity demanded by all consumers, everything else being equal.
Answer the following statement true (T) or false (F)