The graph below shows the Chamberlin model. At the profit maximizing price and output the firm is making 
A. negative economic profit.
B. it is impossible to tell from the information given.
C. zero economic profit.
D. positive economic profit.
Answer: D
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A worker that quits her job
A) is always counted among the unemployed. B) is never counted among the unemployed. C) will be counted among the structurally unemployed. D) may or may not be counted among the unemployed.
Externalities can occur as a result of either production or consumption activities
a. True b. False
The more narrowly a good is defined, the
a. easier it is to find substitutes, and the less price-elastic is the demand b. easier it is to find substitutes, and the more price-elastic is the demand c. more difficult it is to find substitutes, and the less price-elastic is the demand d. more difficult it is to find substitutes, and the more price-elastic is the demand e. more difficult it is to find substitutes, but this has no impact on the price elasticity of demand
When the overall price level decreases, what is the effect on the economy?
a. Purchasers demand a higher quantity of final goods and services.
b. There is a decrease in the quantity of real GDP demanded.
c. Movement occurs along the curve from point A to point B.
d. The aggregate demand curve shifts rightward.