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2 - EXAM 2 Instructions 1 TURN OFF CELL PHONES If a cell...

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EXAM 2 Instructions: 1. TURN OFF CELL PHONES! If a cell phone goes off, rings, vibrates, blinks, or makes any other indication that it is on and receiving a signal I will ask you to turn in your exam and leave. 2. Write all answers in your blue book. I will not grade any answer written anywhere else. 3. Follow individual instructions for each section. 4. If you have a question, please raise your hand. [DO NOT STAND UP AND WALK TO THE FRONT OF THE ROOM, I WILL COME TO YOU!]. True/False (8 POINTS EACH) Indicate whether the sentence or statement is true or false and justify your answer in 2-3 sentences (HINT: 1 sen- tence is inadequate, but more than 3 is probably overkill and not an efficient use of your time). If indicated, in- clude a graph as well as an explanation. IF YOU DO NOT JUSTIFY YOUR ANSWER YOU WILL NOT RE- CEIVE ANY CREDIT. ____ 1. Total profit for an oligopolist is less than that of a perfectly competitive firm. ____ 2. Some goods can switch between being public goods and private goods depending on the circumstances.
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