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, it ________ of $80.
A. has a total cost
B. suffers a loss
C. receives a total revenue
D. earns a profit
Answer: D
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Economists often examine GNP to estimate changes in the well being of people. If one only studied GNP, which of the following would lead one to underestimate the true increases in peoples' well being?
a. Increasing average hours of work. b. Decreasing life expectancy. c. Increasing levels of pollution. d. Increasing amounts of production in the home.
Economists call a game that is played more than once:
A. a repeated game. B. collusion. C. a commitment strategy. D. cooperative price play.
A fall in investor confidence causes the equilibrium level of output to fall
What will be an ideal response?
Which of the following results from an increase in the price of a one-week vacation at beach resorts on the coast of Mexico?
a. An increase in the supply of bicycle tires in Toledo, Ohio. b. A decrease in the demand for vacations at resorts on Caribbean islands. c. An increase in the supply of vacation opportunities at resorts on the coast of Mexico. d. An increase in the demand for vacations at resorts on Caribbean islands.