The three-step procedure for economic analysis
a. works better in macroeconomics than in microeconomics
b. begins with characterizing the market
c. helps governments decide how to change the market equilibrium
d. focuses on goals and constraints
e. is used only in microeconomics
B
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Explain the reason behind the declining gap between average cost (AC) and average variable cost (AVC) curves at higher levels of output
The market structure that lies between competition and monopoly.
A. increasing returns to scale. B. intra-industry trade. C. inter-industry trade. D. imperfect competition.
Suppose the figure below shows Luke's demand curve for check-ups along with the supply curve for check-ups. 
What is the marginal cost of one extra check-up?
A. $100 B. $150 C. $200 D. $50
The demand for labor depends on ________ and ________.
A. the rate of price inflation; the price of the output produced B. the supply of labor; the price of output produced C. the supply of labor; the marginal product of labor D. the marginal product of labor; the price of output produced