14. If a firm experiences diminishing marginal productivity of labor, the marginal product
(A) increases as total product increases.
(B) decreases as total product increases.
(C) increases as total product decreases.
(D) decreases as total product decreases.

1. For a self-sufficient producer, the production possibilities frontier (A) is the same as the consumption possibilities frontier. (B) is greater than the consumption possibilities frontier. (C) is less than the consumption possibilities frontier. (D) is always a straight line.

2. Buyers and sellers who have no influence on market price are referred to as (A) market pawns. (B) monopolists. (C) price takers. (D) price setters.

3. Economists compute the price elasticity of demand as the (A) percentage change in price divided by the percentage change in quantity demanded. (B) change in quantity demanded divided by the change in the price. (C) percentage change in quantity demanded divided by the percentage change in price. (D) percentage change in quantity demanded divided by the percentage change in income.

4. A price floor will be binding only if it is set (A) equal to the equilibrium price. (B) above the equilibrium price. (C) below the equilibrium price. (D) either above or below the equilibrium price.

5. Consumer surplus in a market can be represented by the (A) area below the demand curve and above the price. (B) distance from the demand curve to the horizontal axis. (C) distance from the demand curve to the vertical axis. (D) area below the demand curve and above the horizontal axis.

6. The benefit to buyers of participating in a market is measured by (A) the price elasticity of demand. (B) consumer surplus. (C) the maximum amount that buyers are willing to pay for the good. (D) the equilibrium price.

7. Trade among nations is ultimately based on (A) absolute advantage. (B) strategic advantage. (C) comparative advantage. (D) technical advantage.

8. When a market is characterized by an externality, the government (A) can correct the market failure only in the case of positive externalities. (B) can correct the market failure only in the case of negative externalities. (C) can correct the market failure in the case of both positive and negative externalities by inducing market participants to internalize the externality. (D) cannot correct for externalities due to the existence of patents.

9. The value of a business owner's time is an example of (A) an opportunity cost. (B) a fixed cost. (C) an explicit cost. (D) total revenue.

10. When buyers in a competitive market take the selling price as given, they are said to be (A) market entrants. (B) monopolists. (C) free riders. (D) price takers.

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