37 a perfectly competitive firm a is a price searcher

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37. A perfectly competitive firm: a. Is a price searcher. b. Only controls its level of production. c. Produces where average cost equals average revenue. d. Produces slightly different products in a highly competitive market.
38. Having presented the information on the benefits of wearing masks and the CDC guidelines, some states have imposed mask mandates while others consider the use of masks a personal decision. This is an example of:
c. Opt-in/opt-out framing. d. Indicative framing. 39. Items that shift the supply curve include all EXCEPT one of the following. Circle the wrong answer :
40. When a firm enjoys a monopoly position it:
41. When an economic entity has sole standing to obtain profits, but also is the only one to suffer losses, the applicable concept is: a. Comparative advantage. b. Producer surplus. c. Property rights. d. Opportunity cost.
Output Total Cost ($) 0 15 1 25 2 33 3 40 4 48 5 58 6 70 42. Refer to the table above. The marginal cost of the third unit of output is:
Page | 7 THE FOLLOWING QUESTIONS (43-45) ARE BASED ON THIS INFORMATION :
43. A dish that contains basmati rice as a major ingredient is called biriyani , a combination of meats and/or vegetables, spices, and basmati rice. Which of the following WOULD NOT explain a price increase in any variety of biriyani in Indian restaurants in the United States:
44. Movement along the demand curve for basmati rice implies:
Page | 8
45. Consider the following graph depicting a change in the equilibrium price and quantity from Period 1 to the later Period 2 of basmati rice. Which of the following explanations WOULD NOT explain the graph below: a. There is a war between India and Pakistan. b. There is a drought in the Punjab. c. Tastes change so there is more demand for basmati rice. d. Farmers in the Punjab switch from basmati rice to wheat.
Page | 9 S2 D S1 Q1 P2 P1 Q2 P Q

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