A price floor set by the government will most likely make which market structures less economically efficient? (Check all that apply.)

Based on the information in the above graph, the profit maximizing quantity of output is:

A new advance in production technology will cause a(n) _____ in supply and a(n) _____ in quantity demanded.

Based on the information in the above table, the Marginal Revenue Product of the 3rd worker is $_____. (Enter only the value, not the dollar sign or decimal).

Check each of the following that would most likely put a business in a situation where a price decrease on their product would lead to a decrease in Total Revenues:

When a tax is imposed on a supplier and demand is perfectly inelastic, there will be _____ in equilibrium quantity and _____ in equilibrium price.

When consumers’ incomes increase from $3,000 to $3,200 per month, quantity demanded of movie tickets decreases from 6,000 to 5,000 tickets per day. The income elasticity of demand for movie tickets is _____ and so movie tickets are a(n) _____ good.

The Law of Diminishing Returns suggests that if you add more _____ without changing the number of _____, then the average productivity of all workers will go down.

When the government sets a price floor in a free market, the result is likely to be _____ of output in the market.

A perfectly competitive market has a market price of $23. At an output quantity of 20 units, marginal cost is minimized at $19. At an output quantity of 33 units, marginal cost is $23. At an output quantity of 42 units, marginal cost is $29. What is the proft maximizing quantity of output?