Refer to the information provided in Figure 7.4 below to answer the question(s) that follow. 
Figure 7.4Refer to Figure 7.4. The average product of four workers is
A. 2.
B. 12.5.
C. 20.
D. 34.
Answer: B
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Suppose a monopolist offers a $20 mail-in rebate on an item with a list price of $100. In order for the rebate to be a perfect hurdle, it must be the case that:
A. buyers use the rebate if and only if their cost of filling out the rebate is less than $20. B. all buyers with a reservation price greater than $80 use the rebate. C. some buyers with a reservation price greater than $80 use the rebate. D. buyers use the rebate if and only if they have a reservation price between $80 and $100.
A change in the price of a good has no effect on the supply schedule.
Answer the following statement true (T) or false (F)
The instructor of your wine tasting class trips and falls while discussing the merits of spitting out the wine samples after you have tasted them instead of swallowing them, so as not to get inebriated during the class
You are afraid that he might have hurt himself in the fall, but since no one else in the class is rushing up to help him, you mistakenly believe that the rest of the class thinks the instructor is trying to prove a point about drinking too much in the class. You therefore doubt your own judgement and decide to also not get up to help the instructor back to his feet. This is an example of A) diffusion of responsibility. B) pluralistic ignorance. C) mob mentality. D) passing the buck.
Which of the following would be considered a variable input in the short run? a. The size of a firm's plant
b. The acreage of an apple farmer's orchard. c. The production capacity of a machine. d. None of the above.