At a firm's profit-maximizing level of output, its price is $200 and its short-run average total cost is $225 . The firm
a. has a profit of $25 per unit of output.
b. should shut down if its short-run average fixed cost is less than $25.
c. has a loss of $100 per unit of output.
d. should shut down if its short-run average variable cost exceeds $25.
B
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The following graph depicts demand. 
The price elasticity of demand at point D is:
A. 2/5. B. 2. C. 1/2. D. 5/2.
Which statement is true?
A. Mass production can take place without mass consumption. B. Mass consumption can take place without mass production. C. Mass production can take place without mass consumption and mass consumption can take place without mass production. D. Mass production cannot take place without mass consumption, nor can mass consumption take place without mass production.
On a time-series graph, time is typically shown
A) as an area. B) along the x-axis. C) along the y-axis. D) as an implicit variable held constant.
Gordon James is a person who sells narcotics "on the street." This type of illegal activity:
A. is excluded from GDP figures. B. would be considered double counting in calculating GDP. C. causes GDP to be overstated. D. is estimated and included in GDP figures.