Refer to the information provided in Figure 16.1 below to answer the question(s) that follow. 
Figure 16.1 Refer to Figure 16.1. The ________ imposed as a result of producing the market (unregulated) level of fertilizer is $300.
A. marginal private cost
B. tax
C. marginal social cost
D. total damage
Answer: D
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It is usually assumed that a perfectly competitive firm's supply curve is given by its marginal cost curve. In order for this to be true, which of the following additional assumptions are necessary? I. That the firm seek to maximize profits. II. That the marginal cost curve be positively sloped. III. That price exceeds average variable cost. IV. That price exceeds average total cost
a. All of the above. b. I and II but not III and IV. c. I and III but not II and IV. d. I and II only. e. I, II and III, but not IV.
What is not true if a firm exhibits decreasing average cost as quantity increases?
A. Marginal cost must be below average cost. B. Firms would go bankrupt if all prices were equal to marginal cost. C. More customers can be served at lower average costs per unit. D. This is called diseconomies of scale.
In this graph, why is there a profit?
a. C is equal to the ATC at q*.
b. P* is equal to D at 0.
c. ATC is more than the MR at q*.
d. P* is more than C at q*.
As interest rates fall, spending decreases.
Answer the following statement true (T) or false (F)