Refer to the information provided in Figure 15.1 below to answer the question(s) that follow. Below are cost curves for Dom's Barber Shop, a monopolistically competitive firm. 
Figure 15.1 Refer to Figure 15.1. If Dom's maximizes profits, its ________ equals $320.
A. total revenue
B. profit
C. total cost
D. variable cost
Answer: A
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The demand curve for federal funds is ________.
A. downward-sloping, because higher interest rates encourage commercial banks to borrow federal funds B. upward-sloping, because higher interest rates encourage commercial banks to lend federal funds C. downward-sloping, because higher interest rates discourage commercial banks from borrowing federal funds, but lower rates encourage borrowing D. upward-sloping, because higher interest rates discourage commercial banks from lending federal funds
Which of the following is unique to perfect competition?
a. The individual firm cannot earn economic profit in the long run. b. It is easy for new firms to enter the industry. c. The market demand curve slopes downward. d. The demand curve facing an individual firm is perfectly elastic. e. The firms in the industry produce a homogeneous product.
Which of the following is likely to be present in a perfectly competitive market structure?
a. barriers to entry b. advertising of products c. differentiated products d. many buyers and sellers
If people decide that some country is now a more risky place to keep their saving, then at the original interest rate in that country there is a
a. surplus of loanable funds, so the interest rate increases. b. surplus of loanable funds, so the interest rate decreases. c. shortage of loanable funds, so the interest rate increases. d. shortage of loanable funds, so the interest rate decreases.