Refer to the information provided in Table 8.2 below to answer the question(s) that follow.
Table 8.2 
Refer to Table 8.2. If Sherry produces five pairs of earrings, her total costs are
A. $320.
B. $360.
C. $370.
D. $400.
Answer: C
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Answer the following statement(s) true (T) or false (F)
1. In the long run, a competitive firm that experiences decreasing returns must earn negative profits after all factor shares are paid out. 2. Factors that are supplied relatively inelastically earn more rents than those supplied more elastically. 3. Both the competitive firm's demand curve for labor and the monopoly firm's demand curve for labor always slope downwards. 4. When production is subject to increasing returns to scale profit will be positive. 5. If demand for output rises, producers' surplus increases more for factors with elastic supply curves than for other factors.
The market supply curve is found by
A) horizontally summing all individual supply curves. B) vertically summing all individual supply curves. C) Either A or B above since they both give the same answer. D) None of the above.
If demand is represented as Qd = 24 - P and supply is represented as Qs = 6 + 2P, the equilibrium quantity is
A. 3. B. 6. C. 10. D. 18.
According to the rational expectations theory, if all firms have rational expectations and wages and prices are flexible, disequilibrium in a market
A. will be a common occurrence. B. will never exist. C. will only be temporary. D. will only exist in times of high inflation.