A. 14%
B. 8%
C. 16%
D. 20%

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A. Price
B. Cost of production
C. The overall state of the economy
D. Consumer’s income

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A. Other firms will reduce their price.
B. Other firms will compete on a non-price basis.
C. Other firms will not increase their price.
D. Other firms will increase their output level.

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A. Surplus of goods
B. Market failure
C. Monopoly
D. Shortage of good

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A. Price < Average Variable Cost.
B. Price < Average Total Cost.
C. Price = Average Total Cost.
D. Price > Average Variable Cost.

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A. The demand curve for automobiles shifts to the right.
B. The supply curve for automobiles shifts to the right.
C. The demand curve for automobiles shifts to the left.
D. The supply curve for automobiles shifts to the left.

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A. Normative
B. Positive
C. Negative
D. None of the given

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A. Marginal utility of wheat falls
B. The total physical product of wheat falls
C. The marginal physical product of wheat falls
D. The marginal physical product of wheat increases

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A. 0.5
B. 1.5
C. 2
D. 2.5

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A. Greater than 0
B. Greater than 1
C. Less than 1
D. Less than 0

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