The percentage change in quantity supplied that results from a 1 percent change in price is known as the:
A. slope of the supply curve.
B. cross-price elasticity of supply.
C. cross-price elasticity of demand
D. price elasticity of supply
Answer: D
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Which of the following is a characteristic of perfect competition?
a. easy entry into or exit from the market b. a small number of buyers c. a high degree of government regulation d. a differentiated product e. a high degree of collusion
The slope of the consumption function relates changes in consumer spending to changes in disposable income received by consumers. This is called:
a. the marginal propensity to consume. b. the average propensity to consume. c. the utility-maximization function. d. the marginal rate of transformation.
Economists concerned about the behavior of individual households, firms, and industries are studying:
A) microeconomics. B) macroeconomics. C) neither macroeconomics nor microeconomics D) the "forest" of economic behavior, rather than the "trees."
Refer to the information provided in Figure 7.1 below to answer the following question(s). 
Figure 7.1Refer to Figure 7.1. This corn producer produces 100 bushels of corn and sells each bushel at $5. The cost of producing each bushel is $2. This corn producer's total revenue is ________ and profit is ________.
A. $200; $300 B. $300; $200 C. $500; $200 D. $500; $300