Refer to the information provided in Figure 15.5 below to answer the question(s) that follow. 
Figure 15.5 Refer to Figure 15.5. If the Custom Sweater Shop is monopolistically competitive, what is the minimum level of fixed cost that would lead to the firm continuing to operate in the short run?
A. $400
B. $4,600
C. $5,000
D. The firm would continue to operate regardless of the level of fixed costs.
Answer: A
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Refer to Table 2-11. What is South Korea's opportunity cost of producing one pound of wheat?
A) 60 digital cameras B) 20 digital cameras C) 5 digital cameras D) 0.05 units of a digital camera
Self-indulgence and non-deferred gratification have convinced some that poor lack the desire and motivation to escape poverty
Indicate whether the statement is true or false
After much success during the 1970s, the OPEC cartel saw the price of oil and the revenues of its members decline during the 1980s due, in part, to
a. the low elasticity of demand for oil in the short run b. the large number of buyers from each member nation c. surging demand for oil in the early 1980s d. publicity concerning the prices negotiated with each member e. the greater long-run elasticity of demand for oil
When demand is elastic, an increase in price will cause
a. an increase in total revenue. b. a decrease in total revenue. c. no change in total revenue but an increase in quantity demanded. d. no change in total revenue but a decrease in quantity demanded.