14.In the above figure, if the wage rate is $5.00 per hour and Bob is currently working 8 hours every day, then to get to his best attainable combination of leisure and income, Bob should
(A)do no more work each day.
(B)take no more leisure each day.
(C) both of the above
(D) neither of the above (Figure for question 15 is provided in the image)

10.A consumer maximizes total utility when all available income is spent and (A)the marginal utility per dollar for the last unit of each good purchased is equal for all goods. (B)the marginal utility for the last unit of each good purchased is equal for all goods. (C) total utility from all goods purchased is equal. (D) the dollars spent on the last unit of each good purchased is equal for all goods. (Figure for question 11 is provided in the image)

11.In the above figure, which curve is an indifference curve for someone who views frozen pizzas and milk as perfect complements?(A)indifference curve G (B)indifference curve F (C) indifference curve H (D) indifference curve I

12. In the above figure, if Bob's income-time budget line is BL1, what will be his daily income if he chooses 16 hours of leisure?(A)$40.00 (B)$80.00 (C) $60.00 (D) $120.00

13. In the above figure, if the wage rate is $5.00 per hour, how many hours will Bob work each day? (A)18 hours (B)6 hours (C) 8 hours (D) 16 hours

15. The average total cost curves for Plant 1, ATC1, and Plant 2, ATC2, are shown in the figure above. Over what output range is it efficient to operate Plant 2?(A)0-25 (B)20-25 (C) greater than 25 (D) 0-20

16. Economies of scale occur when the percentage increase in output (A)exceeds the percentage increase in all inputs. (B)is less than the percentage decrease in all inputs. (C) is less than the percentage increase in all inputs. (D) exceeds the percentage decrease in all inputs. (Table for questions 17-19 is provided in the image)

17.Archibald's Tattoos is a perfectly competitive firm. The firm's costs are shown in the table above. If the market price of a tattoo is $12.50 and if Archibald's does not shut down, what is the firm's profit-maximizing output?(A)2 tattoos per hour (B)4 tattoos per hour (C) 3 tattoos per hour (D) 5 tattoos per hour

18. Archibald's Tattoos is a perfectly competitive firm. The firm's costs are shown in the table above. What is Archibald's economic profit at the shut-down point? (A)zero (B)$10 (C) -$15 (D) -$10

19. Archibald's Tattoos is a perfectly competitive firm. The firm's costs are shown in the table above. If the market price of a tattoo is $12 the firm(A)will shut down. (B)is breaking even. (C) suffers an economic loss, but will not shut down. (D) will not shut down in the short run, but will leave the industry in the long run. (Figure for questions 20-22 is provided in the image)

20.In the above figure, what price will the single-price monopoly set? (A)P2 (B)P1 (C) P4 (D) P5