Refer to the below graphs. The long-run equilibrium for a monopolistic ally competitive firm is represented by graph:
A. A
B. B
C. C
D. D
B. B
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Which is the most likely effect upon the market for cotton of an increase in production costs due to higher oil prices?
A) A decrease in demand and hence a decrease in both the price of cotton and the quantity exchanged. B) A decrease in supply and hence a decrease in both the price of cotton and the quantity exchanged. C) A decrease in supply and hence an increase in the price of cotton and a decrease in the quantity exchanged. D) A decrease in both supply and demand and hence a decrease in the quantity exchanged but no predictable change in the price of cotton.
When a monopolist chooses the level of output where marginal cost equals marginal revenue the price:
A. equals average revenue. B. is lower than average revenue. C. equals marginal revenue. D. is lower than marginal revenue.
Of the following, which is the least likely to be an example of substitute goods?
A) beer and pretzels B) margarine and butter C) beef and chicken D) tea and coffee
Based on the figure below. Starting from long-run equilibrium at point C, a tax cut that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies. 
A. D; C B. B; C C. B; A D. D; B