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. Assume The Custom Sweater Shop has fixed costs of $500 and is a monopolistically competitive firm. If the firm is attempting to maximize profits in the short run, the ________ quantity is 100 personalized sweaters.
A. break-even
B. shut down
C. loss-minimizing
D. profit-minimizing
Answer: C
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Which of the following is likely to cause market failure and be undersupplied?
A. Research B. Orange juice C. River water D. Grazing pasture
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Determinants of the price elasticity of supply are:
A. availability of inputs, adjustment time. B. flexibility of the production process, whether the good is a luxury or a necessity. C. availability of inputs, whether the good is a luxury or a necessity. D. adjustment time, whether the good is a luxury or a necessity.
Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher