Listen to these five questions and write down an answer for each of them below. (5*3: 15 points)  

If a government directive does not improve outcomes, what do we have?

If our ability to build offices and homes were increased we could see output at this point, but we cannot produce here currently? 

I’m creating a list of determinants of demand. I asked a coworker to provide me a list of them but they made a mistake and listed one that is not.   Select the one that should be removed.

A private school raises its tuition by 10 percent and as a result enrollment drops by 6 percent. The absolute value of the price elasticity of demand is

    The cost of producing at point J rather than point G is … (Pay attention to where you are starting and where you are ending. From G to J.)

All of the following are examples of monopolies. Most are considered “natural monopolies”. Which is a monopoly but not a natural monopoly?

We talked a lot in our class about the differences between the short run and long run and how having more time impacts outcomes. Is demand more inelastic or elastic in the long run.

The basic attempts of achieving total utility maximization, total profit maximization, and/or total welfare maximization explain most market activity of consumers, businesses, and governments.

A competitive firm