What is the deadweight loss if there is an $8 price floor? Price of asparagus (S/pound) O 1500 O 4500 O 6500 O 1000 O 6000 $10- 9 8- 7- 6- 50 4 4321 3- S D 0 1 2 3 4 5 6 7 8 9 10 Quantity of asparagus (1,000s of pounds)

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-2 The graph below shows the rice market in Hatha. Price 10 6 8 7 6 LO 3 2 1 200 400 600 800 Quantity of kilos per month 1000 S D E

QUESTION 17 The table provided below represents the market demand for pens. There are no fixed costs associated with procurement of pens and the marginal cost of each pan is $2.50. 0 0 0 Calculate the total revenue for a price of $4.00 O a. $17.50 Ob $28.00 O $2.50 Od $10.00

Table 17-2 The information in the table depicts the total demand for wireless Internet subscriptions in a small urban market. Assume that each wireless Internet operator pays a fixed cost of $100,000 (per year) to provide wireless Internet in the market area and that the marginal cost of providing the wireless Internet service to a household is zero. Quantity 0 2000 4000 6000 8,000 Price (per year) $180 $150 $120 $90 $60 10,000 $30 12,000 $0 Refer to Table 17-2. Assume that there are two profit-maximizing wireless Internet companies operating in this market. Further assume that they are not able to "collude" on price and quantity of wireless Internet subscriptions to sell. How many wireless Internet subscriptions will be collectively sold (by both firms) when this market reaches a Nash equilibrium? Oa. 2000 Ob.4000 OC. 6000 O d. 58000

Quantity Demanded Per Year Quantity Supplied ITT Price Per Unit Per Year 2,000 1,800 1,600 1,400 1,200 1,000 $5 10 300 15 600 20 900 25 1,200 1,500 30 Refer to the above table. In this competitive market, the price and quantity will settle at: O a) $15 and 1,600 units O b) $10 and 2,000 units c) $25 and 1,200 units d) $20 and 900 units

QUESTION 14 28 24 20 16 12 8 4 O P 048 S1 b) $4 c) $8 d) $10 O e) $12 D1 12 16 20 24 Q 14. The maximum that buyers are willing to pay for the 16-th unit of this product is O a) $2

It is less important for firms that sell commodities to have a competitive advantage. O a. True, a competitive advantage is not useful for commodity firms because they are usually a monopoly with no competitors O b. True, the most important factor for commodity firms is lower prices O c. False O d. True, the most important factor for commodity firms is lower costs O e. True, the most important factors for commodity firms are both lower costs and lower prices