The price elasticity of ______ measures how responsive the quantity sellers are willing and able to sell is to changes in price.
a. income
b. supply
c. equilibrium
d. demand
b. supply
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In the above figure, below what minimum price will a perfectly competitive firm shut down rather than produce?
A) for any price less than $16 per unit B) for any price less than $12 per unit C) for any price less than $8 per unit D) for any price less than $4 per unit
An increase in foreign demand for U.S. exports will ____ the demand for U.S. dollars and cause the U.S. dollar to ____ in value
a. increase; appreciate b. increase; depreciate c. decrease; appreciate d. decrease; depreciate
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
According to the graph shown, if this economy were to open to trade, domestic producers would increase:
A. prices by $11. B. production by 75 units. C. prices by $5. D. production by 35 units.
Refer to the following graph. 
A monopolist's inefficiency per unit of output at the profit-maximizing level of output is limited to cost per unit:
A. C. B. A minus C. C. B minus C. D. A minus B.