Refer to the information provided in Figure 16.3 below to answer the question(s) that follow. 
Figure 16.3Refer to Figure 16.3. If this firm is maximizing profits and is not required to take into account damages, it will produce
A. 0 units of output.
B. 6 units of output.
C. 15 units of output.
D. 20 units of output.
Answer: D
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In the U.S., the ________ is a law to keep markets open and competitive
A) Sherman act B) Samuelson act C) Monopoly act D) pro-competition act
Assume that labor is a variable input. The average wage of workers increases in a purely competitive industry. This change will result in a(n)
A. increase in marginal cost for firms in the industry and an increase in the industry supply curve B. decrease in marginal cost for firms in the industry and a decrease in the industry supply curve C. decrease in marginal cost for firms in the industry and an increase in the industry supply curve D. increase in marginal cost for firms in the industry and a decrease in the industry supply curve
Buyers and sellers receive market signals
A. from their friends and acquaintances. B. from news announcements of the government. C. through the price system. D. from the gossip columns in the newspapers.
The price elasticity of demand is equal to
A) the value of the slope of the demand curve. B) the change in quantity demanded divided by the change in price. C) the percentage change in price divided by the percentage change in quantity demanded. D) the percentage change in quantity demanded divided by the percentage change in price.