Version 1Instructions: Write your Name: _______________________________________ (한글 or roman letters)ID number: ___________________________________Choose the bestanswer among the possible answers given. You will have 75 minutes to complete this test. There are 50 questions, and each question is worth 1 point. No books, notes or smart phones are allowed. A calculator is allowed.1.If a firm that is maximizing profit (or minimizing losses) in a competitive market can not pay for all of its variable costs, then it should ________________, but it can pay for all of its variable costs and only some of its fixed costs, then it should ________________.A)shut down immediately; exit the market when it has enough time to pursue more profitable opportunitiesB)exit the market when it has enough time to pursue more profitable opportunities; increase the amount of production to the efficient scale of productionC)increase the amount of production to the efficient scale of production; exit the market when it has enough time to pursue more profitable opportunities D)shut down immediately; increase the amount of production to the efficient scale of production. 2.A natural monopoly exists when3.A monopoly could hurt the welfare of some members of society because the monopolist could_________________, but it could also be efficient for society because the monopolist could _________________.Page 1
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