Inland passage times were reduced primarily through
a. increasing the speeds of the boats themselves.
b. shorter layover times.
c. the government activity to clear the rivers of natural obstructions.
d. learning to operate the boats at night.
d. learning to operate the boats at night.
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Suppose MRS is not the same across all consumers. In this case, the economic outcome is not fully efficient because:
A) exchange is inefficient. B) the use of inputs in production is inefficient. C) the mix of outputs in inefficient. D) none of the above
A monopolistically competitive firm: a. tries to differentiate its product from the products of competitors
b. faces a perfectly elastic demand curve for its product. c. unlike a perfectly competitive firm, is able to earn positive economic profits in the long run. d. is always a retail establishment.
Joe trades an apple to Winston for two oranges. Because the exchange is voluntary, we can conclude that
a. Joe is better off because he gets two things but Winston is worse off because he gives up more items than he receives. b. Winston is better off because he gives more than he receives. c. both Joe and Winston are worse off. d. both Joe and Winston are better off.
Suppose the figure below shows the demand curve, marginal revenue curve and marginal cost curve for a monopolist. 
The profit-maximizing level of output for this monopolist is ________ units per day.
A. G B. I C. F D. H