Refer to the information provided in Figure 13.10 below to answer the question(s) that follow. 
Figure 13.10 Refer to Figure 13.10. If Armstrong Cable ________, it will incur a loss of $1,250.
A. charges any price below the profit-maximizing price
B. is forced to sell the efficient level output
C. shuts down
D. charges a price of $16 per subscriber
Answer: B
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Like tariffs, quotas tend to lead to
A) higher prices and reduced imports. B) increased government revenue. C) increased consumer surplus. D) All of the above.
The marginal benefit of acquiring additional information tends to
a. be zero if the marginal cost of information is zero b. increase and then decrease as additional information is obtained c. be smaller, the smaller the quantity of information the individual already has obtained d. increase as additional information is obtained e. decrease as additional information is obtained
Along its long-run average total cost curve, a firm employs
a. a different amount of fixed inputs at each point b. the same amount of fixed inputs at each point c. a declining amount of fixed inputs at each point as it moves to higher output levels d. an increasing amount of fixed inputs at each point as it moves to higher output levels e. no fixed inputs
If both the demand and supply increase, the equilibrium quantity ________ and the equilibrium price ________
A) increases; falls B) decreases; might rise, fall, or not change C) decreases; rises D) increases; might rise, fall, or not change