In which statement(s) is "supply" used correctly? (I) "An increase in the price of eggs will increase the supply of eggs." (II) "As the cost of producing eggs rises, the supply of eggs will tend to fall."
a. in both statements I and II
b. in statement I only
c. in statement II only
d. in neither statements I nor II
c. in statement II only
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Unlike a perfectly competitive firm, a monopolist faces a demand curve that is
A) upward sloping. B) horizontal. C) vertical. D) downward sloping.
Based on the diagram, if potential output equals 8,000 and the real interest rate is 2 percent, then there is ________ gap and the Fed must ________ the real interest rate so that output will equal potential output. 
A. a recessionary; raise B. no output; not change C. an expansionary; reduce D. an expansionary; raise
Refer to the table below for a monopolist. If the monopolist perfectly price-discriminated and sold each unit of the product at the maximum price the buyer of that unit would be willing to pay, and if the monopolist sold 4 units, then total profits would be:
The following question is based on the demand and cost data for a pure monopolist given in the table below.
A. $100
B. $900
C. $150
D. $400
Which of the following factors tends to foster the development of an oligopoly?
A. Economies of scale B. Foreign competition C. Antitrust legislation D. Low barriers to entry