Refer to the information provided in Figure 7.5 below to answer the question(s) that follow. 
Figure 7.5Refer to Figure 7.5. Increasing returns continue until the ________ worker is hired.
A. first
B. fifth
C. eighth
D. sixteenth
Answer: B
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The demand curve of a perfectly competitive firm is vertical.
Answer the following statement true (T) or false (F)
Total economic profit is
A) total revenue minus total opportunity cost. B) total revenue divided by total cost. C) marginal revenue minus marginal cost. D) marginal revenue divided by marginal cost.
When a monopoly perfectly price discriminates, there is ________
A) no producer surplus B) an increase in supply C) no consumer surplus D) a large consumer surplus
In recent years, the price of smartphones has fallen, while the quantity exchanged of smartphones has risen. We can conclude that this is most likely a result of
A) a decrease in supply while demand remained constant. B) an increase in demand while supply remained constant. C) an increase in demand that exceeded an increase in supply. D) an increase in supply that exceeded an increase in demand.