The slope of the total production curve becomes:
A. steeper when marginal product decreases.
B. flatter when marginal product decreases.
C. negative when marginal product decreases.
D. None of these is true.
B. flatter when marginal product decreases.
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At a price of $5, 24 units of the good would be sold; at a price of $7, 25 units of output would be sold. The marginal revenue of the 25th unit of output is:
a. $14. b. $55. c. $6. d. $168. e. $175.
A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run demand shock. C. long-run supply shock. D. short-run demand shock.
Which of the following firms have no market power?
A. clothing companies B. fast food chains such as McDonald's C. theme parks D. gold panners during the gold rush
Referring to Figure 1.5, the opportunity cost of producing the first unit of pizza is 
A. six units of soda. B. three units of soda. C. one unit of soda.