Refer to the information provided in Figure 12.1 below to answer the question(s) that follow. 
Figure 12.1 Refer to Figure 12.1. The firm is
A. less efficient when it produces at point A than at point B.
B. equally efficient when it produces at points A and B.
C. less efficient when it produces at point B than at point A.
D. producing at least possible cost anywhere along the given ATC curve.
Answer: C
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Which of the following is an example of a product that is made available through public provision?
i. local police protection ii. public schools iii. local fire department A) i only B) i and ii C) iii only D) i and iii E) i, ii, and iii
If the CPI changes from 125 to 120 between 2015 and 2016, how did prices change between 2015 and 2016?
A) Prices increased by 25%. B) Prices decreased by 5% C) Prices decreased by 4%. D) Prices increased by 5%.
Refer to Figure 3-1. An increase in the price of the product would be represented by a movement from
A) A to B. B) B to A. C) D1 to D2. D) D2 to D1.
When Clean City banned the air pollution that still plagues Smogville, over time, we would expect that:
a. The residents of Clean City are happy with the decision b. The residents of Smogville are happy that they did not enact a similar law c. House prices in Clean City will have risen d. All of the above