A price floor on the sale of wheat would be likely to benefit
A. bread buyers.
B. bread producers.
C. wheat farmers.
D. flour mills.
Answer: C
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Under the cartel, the individual firm's economic profit is (assuming that it wants to cheat on its quota) 
Figure 42.2
A. zero. B. the smaller of the dashed-line boxes. C. between the size of the two dashed-line boxes. D. the larger of the dashed-line boxes.
A specific investment is
A) one that can only be used in a transaction with a single firm. B) an investment that cannot be physically moved, such as an oil refinery. C) reduces the possibility of a holdup occurring. D) is more expensive than a general investment.
Demand elasticity can be
A) elastic, unit, or free. B) elastic or inelastic. C) elastic, inelastic, or unit elastic. D) 1, -1, or 0.
Michael can buy either pizzas or submarine sandwiches. If the prices of pizzas and submarine sandwiches double and Michael's money income triples, we can conclude that Michael's budget constraint will
A. shift out but remain parallel to the old one. B. remain unchanged. C. shift in but remain parallel to the old one. D. swivel in so that the slope of the budget constraint is doubled.