13. When a competitive firm doubles the amount of output it sells, its
(A) total revenue doubles.
(B) average revenue doubles.
(C) marginal revenue doubles.
(D) profits must increase.

14. When a restaurant stays open for lunch service even though few customers patronize the restaurant for lunch, which of the following principles is (are) best demonstrated? (i) Fixed costs are sunk in the short run. (ii) In the short run, only fixed costs are important to the decision to stay open for lunch. (iii) If revenue exceeds variable cost, the restaurant owner is making a smart decision to remain open for lunch. (A) (i) and (ii) only (B) (ii) and (iii) only (C) (i) and (iii) only (D) All are demonstrated.

15. Competitive firms differ from monopolies in which of the following ways? (i) Competitive firms do not have to worry about the price effect lowering their total revenue. (ii) Marginal revenue for a competitive firm equals price, while marginal revenue for a monopoly is less than the price it is able to charge. (iii) Monopolies must lower their price in order to sell more of their product, while competitive firms do not. (A) (i) and (ii) only (B) (ii) and (iii) only (C) (i) and (iii) only (D) (i), (ii), and (iii) 

16. Refer to Figure 3. What area represents the total surplus lost due to monopoly pricing? (A) the rectangle (FD)xA (B) the triangle \( 1 / 2[(F D)x(B A)] \) (C) the triangle \( 1 / 2[(F D)x(C A)] \) (D) the rectangle \( (\mathrm{F D})\mathrm{xA} \) plus the triangle \( 1 / 2[(\mathrm{F D})\mathrm{x(B A)}] \)

17. Suppose a market is initially perfectly competitive with many firms selling an identical product. Over time, however, suppose the merging of firms results in the market being served by only three or four firms selling this same product. As a result, we would expect (A) an increase in market output and an increase in the price of the product. (B) an increase in market output and an decrease in the price of the product. (C) a decrease in market output and an increase in the price of the product. (D) a decrease in market output and a decrease in the price of the product. 

18. Refer to Table 2. What is Paul's dominant strategy? (A) Paul has no dominant strategy. (B) Paul should always choose Turn. (C) Paul should always choose Drive Straight. (D) Paul has more than one dominant strategy.

19. Refer to Table 2. How many Nash equilibria are there in this Chicken game? (A) 0 (B) 1 (C) 2 (D) 3

20. The marginal propensity to consume represents (A) total income minus total taxes. (B) the change in output caused by a oneunit change in autonomous demand. (C) the change in consumption caused by a oneunit change in disposable income. (D) the level of consumption that occurs if disposable income is zero. e. the ratio of total consumption to disposable income.

21. In 2015, John earned $40,000 at his job at an accounting firm. This year, he receives a $2,000 increase in his salary. If the annual inflation rate for 2016 is 0.4%, the percentage increase in his real income is: (A) \( 5.4\% \) (B) \( 4.6\% \) (C) \( 2.0\% \) (D) \( 1.4\% \)

22. Ellen purchased a house in 1980 for which she borrowed $100,000 at 30year fixed rate. As the inflation rate unexpectedly dropped in the mid1980s, (A) Ellen experienced a loss and her mortgage company experienced a gain (B) Ellen experienced a gain and her mortgage company experienced a loss (C) Both Ellen and her mortgage company experienced a loss (D) Both Ellen and her mortgage company experienced a gain

23. The Fisher Hypothesis states that: (AB) the changes in the nominal interest rate follow changes in the expected inflation rate (AC) the real interest rate changes frequently (AD) the expected inflation rate changes more frequently than the real interest rate (AE) both a. and c. above (BC) both a. and c. above(BD) none of the above

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