1. Which of the following would cause an increase in the supply of a particular product?
A) The product's price increases.
B) The cost os producing the product increases.
C) The profit on another product the seller produces increases.
D) The number of sellers in the market increases.
E) None of the above.
2. Which is an example of a social good?
A) Private golf course
B) A private hospital
C) An electric utility company's power plant
D) A cell phone
E) An alley
3. Long-run economies of scale exists, when the long-run average cost curve:
A) Increase as production increases
B) Remains constant as production increases
C) Decreases as production remains the same
D) Decreases as production decreases
E) Decreases as production increases