As a competitive economy uses its stocks of a depletable resource,
a. the resource price will fall by ever greater amounts each year.
b. the resource price will rise by ever greater amounts each year.
c. the use of the resource will increase at an increasing rate.
d. resource use will drop to zero.
b
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Given the market demand and cost data in the above figure, the existence of two firms equal sized firms producing a total of 8 million cubic feet of natural gas means that the long-run average cost of producing natural gas is
A) 10 cents per cubic foot. B) 20 cents per cubic foot. C) 30 cents per cubic foot. D) 40 cents per cubic foot.
In a graph of a firm's short-run total costs and total revenue, the total cost and the total revenue curves, respectively, will intersect the vertical axis
A) above the origin, above the origin. B) above the origin, at the origin. C) at the origin, at the origin. D) below the origin, below the origin.
Refer to the information provided in Figure 13.4 below to answer the question(s) that follow. 
Figure 13.4Refer to Figure 13.4. The profit-maximizing price for this firm is
A. $5. B. $7. C. $9. D. $11.
Catering, trucking, copying, and mainframe computing are among frequently outsourced services because these activities:
A. have a relatively low potential for holdup actions. B. are not specialized. C. have a high level of uncertainty. D. require assets that are highly firm specific.