{"id":3138,"date":"2016-10-20T13:59:20","date_gmt":"2016-10-20T06:59:20","guid":{"rendered":"http:\/\/www.giasuquocte.edu.vn\/economics-demand-and-supply\/"},"modified":"2016-10-20T13:59:20","modified_gmt":"2016-10-20T06:59:20","slug":"economics-demand-and-supply","status":"publish","type":"post","link":"https:\/\/giasuquocte.edu.vn\/en\/economics-demand-and-supply\/","title":{"rendered":"Economics &#8211; Demand and Supply"},"content":{"rendered":"<div id=\"watu_quiz\" class=\"quiz-area single-page-quiz\">\n<form action=\"\" method=\"post\" class=\"quiz-form \" id=\"quiz-22\" >\n<div class='watu-question' id='question-1'><div class='question-content'><p><span class='watu_num'>1. <\/span>The increase in total cost when one more unit is produced is known as<\/p>\n<\/div><input type='hidden' name='question_id[]' value='390' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1756' \/><div class='watu-question-choice'><input type='radio' name='answer-390[]' id='answer-id-1756' class='answer answer-1  answerof-390' value='1756' \/>&nbsp;<label for='answer-id-1756' id='answer-label-1756' class=' answer label-1'><span class='answer'>marginal cost<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1757' \/><div class='watu-question-choice'><input type='radio' name='answer-390[]' id='answer-id-1757' class='answer answer-1  answerof-390' value='1757' \/>&nbsp;<label for='answer-id-1757' id='answer-label-1757' class=' answer label-1'><span class='answer'>opportunity cost<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1758' \/><div class='watu-question-choice'><input type='radio' name='answer-390[]' id='answer-id-1758' class='answer answer-1  answerof-390' value='1758' \/>&nbsp;<label for='answer-id-1758' id='answer-label-1758' class=' answer label-1'><span class='answer'>limited cost<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1759' \/><div class='watu-question-choice'><input type='radio' name='answer-390[]' id='answer-id-1759' class='answer answer-1  answerof-390' value='1759' \/>&nbsp;<label for='answer-id-1759' id='answer-label-1759' class=' answer label-1'><span class='answer'>average cost<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType1' value='radio' class=''><\/div><div class='watu-question' id='question-2'><div class='question-content'><p><span class='watu_num'>2. <\/span>Adding up the quantities demanded of a good by different people facing the same price gives us the<\/p>\n<\/div><input type='hidden' name='question_id[]' value='387' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1746' \/><div class='watu-question-choice'><input type='radio' name='answer-387[]' id='answer-id-1746' class='answer answer-2  answerof-387' value='1746' \/>&nbsp;<label for='answer-id-1746' id='answer-label-1746' class=' answer label-2'><span class='answer'>Demand curve<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1745' \/><div class='watu-question-choice'><input type='radio' name='answer-387[]' id='answer-id-1745' class='answer answer-2  answerof-387' value='1745' \/>&nbsp;<label for='answer-id-1745' id='answer-label-1745' class=' answer label-2'><span class='answer'>Market demand curve<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1744' \/><div class='watu-question-choice'><input type='radio' name='answer-387[]' id='answer-id-1744' class='answer answer-2  answerof-387' value='1744' \/>&nbsp;<label for='answer-id-1744' id='answer-label-1744' class=' answer label-2'><span class='answer'>Supply curve<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1747' \/><div class='watu-question-choice'><input type='radio' name='answer-387[]' id='answer-id-1747' class='answer answer-2  answerof-387' value='1747' \/>&nbsp;<label for='answer-id-1747' id='answer-label-1747' class=' answer label-2'><span class='answer'>Market supply curve<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType2' value='radio' class=''><\/div><div class='watu-question' id='question-3'><div class='question-content'><p><span class='watu_num'>3. <\/span>If your income doubles and the prices of the goods you buy double, then your demand\u00a0for these goods will likely ________<\/p>\n<\/div><input type='hidden' name='question_id[]' value='379' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1714' \/><div class='watu-question-choice'><input type='radio' name='answer-379[]' id='answer-id-1714' class='answer answer-3  answerof-379' value='1714' \/>&nbsp;<label for='answer-id-1714' id='answer-label-1714' class=' answer label-3'><span class='answer'>decrease<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1713' \/><div class='watu-question-choice'><input type='radio' name='answer-379[]' id='answer-id-1713' class='answer answer-3  answerof-379' value='1713' \/>&nbsp;<label for='answer-id-1713' id='answer-label-1713' class=' answer label-3'><span class='answer'>not change<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1715' \/><div class='watu-question-choice'><input type='radio' name='answer-379[]' id='answer-id-1715' class='answer answer-3  answerof-379' value='1715' \/>&nbsp;<label for='answer-id-1715' id='answer-label-1715' class=' answer label-3'><span class='answer'>shift<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1712' \/><div class='watu-question-choice'><input type='radio' name='answer-379[]' id='answer-id-1712' class='answer answer-3  answerof-379' value='1712' \/>&nbsp;<label for='answer-id-1712' id='answer-label-1712' class=' answer label-3'><span class='answer'>increase<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType3' value='radio' class=''><\/div><div class='watu-question' id='question-4'><div class='question-content'><p><span class='watu_num'>4. <\/span>If both marginal cost and marginal revenue increase, a firm ________<\/p>\n<\/div><input type='hidden' name='question_id[]' value='402' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1798' \/><div class='watu-question-choice'><input type='radio' name='answer-402[]' id='answer-id-1798' class='answer answer-4  answerof-402' value='1798' \/>&nbsp;<label for='answer-id-1798' id='answer-label-1798' class=' answer label-4'><span class='answer'>should increase output<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1801' \/><div class='watu-question-choice'><input type='radio' name='answer-402[]' id='answer-id-1801' class='answer answer-4  answerof-402' value='1801' \/>&nbsp;<label for='answer-id-1801' id='answer-label-1801' class=' answer label-4'><span class='answer'>should not change output<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1800' \/><div class='watu-question-choice'><input type='radio' name='answer-402[]' id='answer-id-1800' class='answer answer-4  answerof-402' value='1800' \/>&nbsp;<label for='answer-id-1800' id='answer-label-1800' class=' answer label-4'><span class='answer'>will require further information on how to respond<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1799' \/><div class='watu-question-choice'><input type='radio' name='answer-402[]' id='answer-id-1799' class='answer answer-4  answerof-402' value='1799' \/>&nbsp;<label for='answer-id-1799' id='answer-label-1799' class=' answer label-4'><span class='answer'>should reduce output<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType4' value='radio' class=''><\/div><div class='watu-question' id='question-5'><div class='question-content'><p><span class='watu_num'>5. <\/span>Inferior goods have ___________ and luxury goods have ____________<\/p>\n<\/div><input type='hidden' name='question_id[]' value='377' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1704' \/><div class='watu-question-choice'><input type='radio' name='answer-377[]' id='answer-id-1704' class='answer answer-5  answerof-377' value='1704' \/>&nbsp;<label for='answer-id-1704' id='answer-label-1704' class=' answer label-5'><span class='answer'>negative income elasticities, income elasticities greater than 1<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1707' \/><div class='watu-question-choice'><input type='radio' name='answer-377[]' id='answer-id-1707' class='answer answer-5  answerof-377' value='1707' \/>&nbsp;<label for='answer-id-1707' id='answer-label-1707' class=' answer label-5'><span class='answer'>none of the above<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1706' \/><div class='watu-question-choice'><input type='radio' name='answer-377[]' id='answer-id-1706' class='answer answer-5  answerof-377' value='1706' \/>&nbsp;<label for='answer-id-1706' id='answer-label-1706' class=' answer label-5'><span class='answer'>positive income elasticities, negative income elasticities<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1705' \/><div class='watu-question-choice'><input type='radio' name='answer-377[]' id='answer-id-1705' class='answer answer-5  answerof-377' value='1705' \/>&nbsp;<label for='answer-id-1705' id='answer-label-1705' class=' answer label-5'><span class='answer'>income elasticities greater than 1, negative income elasticities<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType5' value='radio' class=''><\/div><div class='watu-question' id='question-6'><div class='question-content'><p><span class='watu_num'>6. <\/span>The extra utility from consuming one more unit of a good is called<\/p>\n<\/div><input type='hidden' name='question_id[]' value='385' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1737' \/><div class='watu-question-choice'><input type='radio' name='answer-385[]' id='answer-id-1737' class='answer answer-6  answerof-385' value='1737' \/>&nbsp;<label for='answer-id-1737' id='answer-label-1737' class=' answer label-6'><span class='answer'>Additional utility<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1738' \/><div class='watu-question-choice'><input type='radio' name='answer-385[]' id='answer-id-1738' class='answer answer-6  answerof-385' value='1738' \/>&nbsp;<label for='answer-id-1738' id='answer-label-1738' class=' answer label-6'><span class='answer'>Surplus utility<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1739' \/><div class='watu-question-choice'><input type='radio' name='answer-385[]' id='answer-id-1739' class='answer answer-6  answerof-385' value='1739' \/>&nbsp;<label for='answer-id-1739' id='answer-label-1739' class=' answer label-6'><span class='answer'>Bonus utility<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1736' \/><div class='watu-question-choice'><input type='radio' name='answer-385[]' id='answer-id-1736' class='answer answer-6  answerof-385' value='1736' \/>&nbsp;<label for='answer-id-1736' id='answer-label-1736' class=' answer label-6'><span class='answer'>Marginal utility<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType6' value='radio' class=''><\/div><div class='watu-question' id='question-7'><div class='question-content'><p><span class='watu_num'>7. <\/span>If a firm&#8217;s wage costs increase this will cause __________ and ________<\/p>\n<\/div><input type='hidden' name='question_id[]' value='395' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1775' \/><div class='watu-question-choice'><input type='radio' name='answer-395[]' id='answer-id-1775' class='answer answer-7  answerof-395' value='1775' \/>&nbsp;<label for='answer-id-1775' id='answer-label-1775' class=' answer label-7'><span class='answer'>marginal revenue to increase, output to fall<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1774' \/><div class='watu-question-choice'><input type='radio' name='answer-395[]' id='answer-id-1774' class='answer answer-7  answerof-395' value='1774' \/>&nbsp;<label for='answer-id-1774' id='answer-label-1774' class=' answer label-7'><span class='answer'>marginal cost to increase, output to fall<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1776' \/><div class='watu-question-choice'><input type='radio' name='answer-395[]' id='answer-id-1776' class='answer answer-7  answerof-395' value='1776' \/>&nbsp;<label for='answer-id-1776' id='answer-label-1776' class=' answer label-7'><span class='answer'>opportunity cost to increase, the firm will close<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1777' \/><div class='watu-question-choice'><input type='radio' name='answer-395[]' id='answer-id-1777' class='answer answer-7  answerof-395' value='1777' \/>&nbsp;<label for='answer-id-1777' id='answer-label-1777' class=' answer label-7'><span class='answer'>average cost will rise, output will increase<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType7' value='radio' class=''><\/div><div class='watu-question' id='question-8'><div class='question-content'><p><span class='watu_num'>8. <\/span>A measurement showing how quantity demanded varies with income is the<\/p>\n<\/div><input type='hidden' name='question_id[]' value='376' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1702' \/><div class='watu-question-choice'><input type='radio' name='answer-376[]' id='answer-id-1702' class='answer answer-8  answerof-376' value='1702' \/>&nbsp;<label for='answer-id-1702' id='answer-label-1702' class=' answer label-8'><span class='answer'>budget elasticity of demand<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1703' \/><div class='watu-question-choice'><input type='radio' name='answer-376[]' id='answer-id-1703' class='answer answer-8  answerof-376' value='1703' \/>&nbsp;<label for='answer-id-1703' id='answer-label-1703' class=' answer label-8'><span class='answer'>income elasticity of demand<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1700' \/><div class='watu-question-choice'><input type='radio' name='answer-376[]' id='answer-id-1700' class='answer answer-8  answerof-376' value='1700' \/>&nbsp;<label for='answer-id-1700' id='answer-label-1700' class=' answer label-8'><span class='answer'>price elasticity of demand<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1701' \/><div class='watu-question-choice'><input type='radio' name='answer-376[]' id='answer-id-1701' class='answer answer-8  answerof-376' value='1701' \/>&nbsp;<label for='answer-id-1701' id='answer-label-1701' class=' answer label-8'><span class='answer'>cross-price elasticity of demand<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType8' value='radio' class=''><\/div><div class='watu-question' id='question-9'><div class='question-content'><p><span class='watu_num'>9. <\/span>Firms are assumed to _________ costs and to _________ profits.<\/p>\n<\/div><input type='hidden' name='question_id[]' value='388' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1751' \/><div class='watu-question-choice'><input type='radio' name='answer-388[]' id='answer-id-1751' class='answer answer-9  answerof-388' value='1751' \/>&nbsp;<label for='answer-id-1751' id='answer-label-1751' class=' answer label-9'><span class='answer'>minimize, maximize<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1750' \/><div class='watu-question-choice'><input type='radio' name='answer-388[]' id='answer-id-1750' class='answer answer-9  answerof-388' value='1750' \/>&nbsp;<label for='answer-id-1750' id='answer-label-1750' class=' answer label-9'><span class='answer'>charge, earn<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1748' \/><div class='watu-question-choice'><input type='radio' name='answer-388[]' id='answer-id-1748' class='answer answer-9  answerof-388' value='1748' \/>&nbsp;<label for='answer-id-1748' id='answer-label-1748' class=' answer label-9'><span class='answer'>incur, desire<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1749' \/><div class='watu-question-choice'><input type='radio' name='answer-388[]' id='answer-id-1749' class='answer answer-9  answerof-388' value='1749' \/>&nbsp;<label for='answer-id-1749' id='answer-label-1749' class=' answer label-9'><span class='answer'>pay, make<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType9' value='radio' class=''><\/div><div class='watu-question' id='question-10'><div class='question-content'><p><span class='watu_num'>10. <\/span>The income effect of a price increase of a normal good is to __________ of that good\u00a0and the substitution effect is to _______ of that good<\/p>\n<\/div><input type='hidden' name='question_id[]' value='380' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1718' \/><div class='watu-question-choice'><input type='radio' name='answer-380[]' id='answer-id-1718' class='answer answer-10  answerof-380' value='1718' \/>&nbsp;<label for='answer-id-1718' id='answer-label-1718' class=' answer label-10'><span class='answer'>reduce quantity demanded, reduce quantity demanded<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1716' \/><div class='watu-question-choice'><input type='radio' name='answer-380[]' id='answer-id-1716' class='answer answer-10  answerof-380' value='1716' \/>&nbsp;<label for='answer-id-1716' id='answer-label-1716' class=' answer label-10'><span class='answer'>increase quantity demanded, reduce quantity demanded<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1717' \/><div class='watu-question-choice'><input type='radio' name='answer-380[]' id='answer-id-1717' class='answer answer-10  answerof-380' value='1717' \/>&nbsp;<label for='answer-id-1717' id='answer-label-1717' class=' answer label-10'><span class='answer'>increase quantity demanded, increase quantity demanded<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1719' \/><div class='watu-question-choice'><input type='radio' name='answer-380[]' id='answer-id-1719' class='answer answer-10  answerof-380' value='1719' \/>&nbsp;<label for='answer-id-1719' id='answer-label-1719' class=' answer label-10'><span class='answer'>reduce quantity demanded, increase quantity demanded<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType10' value='radio' class=''><\/div><div class='watu-question' id='question-11'><div class='question-content'><p><span class='watu_num'>11. <\/span>Positive cross-elasticities suggest that goods are _________ and negative cross-elasticities that goods are __________<\/p>\n<\/div><input type='hidden' name='question_id[]' value='374' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1693' \/><div class='watu-question-choice'><input type='radio' name='answer-374[]' id='answer-id-1693' class='answer answer-11  answerof-374' value='1693' \/>&nbsp;<label for='answer-id-1693' id='answer-label-1693' class=' answer label-11'><span class='answer'>normal, complements<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1694' \/><div class='watu-question-choice'><input type='radio' name='answer-374[]' id='answer-id-1694' class='answer answer-11  answerof-374' value='1694' \/>&nbsp;<label for='answer-id-1694' id='answer-label-1694' class=' answer label-11'><span class='answer'>substitutes, complements<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1692' \/><div class='watu-question-choice'><input type='radio' name='answer-374[]' id='answer-id-1692' class='answer answer-11  answerof-374' value='1692' \/>&nbsp;<label for='answer-id-1692' id='answer-label-1692' class=' answer label-11'><span class='answer'>substitutes, inferior<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1695' \/><div class='watu-question-choice'><input type='radio' name='answer-374[]' id='answer-id-1695' class='answer answer-11  answerof-374' value='1695' \/>&nbsp;<label for='answer-id-1695' id='answer-label-1695' class=' answer label-11'><span class='answer'>normal, inferior<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType11' value='radio' class=''><\/div><div class='watu-question' id='question-12'><div class='question-content'><p><span class='watu_num'>12. <\/span>The opportunity cost of a student is<\/p>\n<\/div><input type='hidden' name='question_id[]' value='382' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1724' \/><div class='watu-question-choice'><input type='radio' name='answer-382[]' id='answer-id-1724' class='answer answer-12  answerof-382' value='1724' \/>&nbsp;<label for='answer-id-1724' id='answer-label-1724' class=' answer label-12'><span class='answer'>Course fees and rent<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1727' \/><div class='watu-question-choice'><input type='radio' name='answer-382[]' id='answer-id-1727' class='answer answer-12  answerof-382' value='1727' \/>&nbsp;<label for='answer-id-1727' id='answer-label-1727' class=' answer label-12'><span class='answer'>What the student will earn after graduation<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1725' \/><div class='watu-question-choice'><input type='radio' name='answer-382[]' id='answer-id-1725' class='answer answer-12  answerof-382' value='1725' \/>&nbsp;<label for='answer-id-1725' id='answer-label-1725' class=' answer label-12'><span class='answer'>A loan from the bank<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1726' \/><div class='watu-question-choice'><input type='radio' name='answer-382[]' id='answer-id-1726' class='answer answer-12  answerof-382' value='1726' \/>&nbsp;<label for='answer-id-1726' id='answer-label-1726' class=' answer label-12'><span class='answer'>What the student could have earned in the best job available by not studying<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType12' value='radio' class=''><\/div><div class='watu-question' id='question-13'><div class='question-content'><p><span class='watu_num'>13. <\/span>Profits are maximized when _________________<\/p>\n<\/div><input type='hidden' name='question_id[]' value='393' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1769' \/><div class='watu-question-choice'><input type='radio' name='answer-393[]' id='answer-id-1769' class='answer answer-13  answerof-393' value='1769' \/>&nbsp;<label for='answer-id-1769' id='answer-label-1769' class=' answer label-13'><span class='answer'>revenue is maximized<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1768' \/><div class='watu-question-choice'><input type='radio' name='answer-393[]' id='answer-id-1768' class='answer answer-13  answerof-393' value='1768' \/>&nbsp;<label for='answer-id-1768' id='answer-label-1768' class=' answer label-13'><span class='answer'>costs are minimized<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1770' \/><div class='watu-question-choice'><input type='radio' name='answer-393[]' id='answer-id-1770' class='answer answer-13  answerof-393' value='1770' \/>&nbsp;<label for='answer-id-1770' id='answer-label-1770' class=' answer label-13'><span class='answer'>average cost is less than average revenue<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1771' \/><div class='watu-question-choice'><input type='radio' name='answer-393[]' id='answer-id-1771' class='answer answer-13  answerof-393' value='1771' \/>&nbsp;<label for='answer-id-1771' id='answer-label-1771' class=' answer label-13'><span class='answer'>marginal cost equals marginal revenue<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType13' value='radio' class=''><\/div><div class='watu-question' id='question-14'><div class='question-content'><p><span class='watu_num'>14. <\/span>A firm that makes profit in addition to normal profit is making<\/p>\n<\/div><input type='hidden' name='question_id[]' value='400' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1791' \/><div class='watu-question-choice'><input type='radio' name='answer-400[]' id='answer-id-1791' class='answer answer-14  answerof-400' value='1791' \/>&nbsp;<label for='answer-id-1791' id='answer-label-1791' class=' answer label-14'><span class='answer'>Accounting profit<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1790' \/><div class='watu-question-choice'><input type='radio' name='answer-400[]' id='answer-id-1790' class='answer answer-14  answerof-400' value='1790' \/>&nbsp;<label for='answer-id-1790' id='answer-label-1790' class=' answer label-14'><span class='answer'>Economic profit<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1793' \/><div class='watu-question-choice'><input type='radio' name='answer-400[]' id='answer-id-1793' class='answer answer-14  answerof-400' value='1793' \/>&nbsp;<label for='answer-id-1793' id='answer-label-1793' class=' answer label-14'><span class='answer'>Supernormal profit<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1792' \/><div class='watu-question-choice'><input type='radio' name='answer-400[]' id='answer-id-1792' class='answer answer-14  answerof-400' value='1792' \/>&nbsp;<label for='answer-id-1792' id='answer-label-1792' class=' answer label-14'><span class='answer'>Normal profit<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType14' value='radio' class=''><\/div><div class='watu-question' id='question-15'><div class='question-content'><p><span class='watu_num'>15. <\/span>Marginal revenue is the _________ when output is ____________<\/p>\n<\/div><input type='hidden' name='question_id[]' value='391' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1761' \/><div class='watu-question-choice'><input type='radio' name='answer-391[]' id='answer-id-1761' class='answer answer-15  answerof-391' value='1761' \/>&nbsp;<label for='answer-id-1761' id='answer-label-1761' class=' answer label-15'><span class='answer'>change in total revenue, increased by one unit<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1762' \/><div class='watu-question-choice'><input type='radio' name='answer-391[]' id='answer-id-1762' class='answer answer-15  answerof-391' value='1762' \/>&nbsp;<label for='answer-id-1762' id='answer-label-1762' class=' answer label-15'><span class='answer'>change in average revenue, increased by one unit<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1763' \/><div class='watu-question-choice'><input type='radio' name='answer-391[]' id='answer-id-1763' class='answer answer-15  answerof-391' value='1763' \/>&nbsp;<label for='answer-id-1763' id='answer-label-1763' class=' answer label-15'><span class='answer'>change in total revenue, increased<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1760' \/><div class='watu-question-choice'><input type='radio' name='answer-391[]' id='answer-id-1760' class='answer answer-15  answerof-391' value='1760' \/>&nbsp;<label for='answer-id-1760' id='answer-label-1760' class=' answer label-15'><span class='answer'>change in average revenue, increased<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType15' value='radio' class=''><\/div><div class='watu-question' id='question-16'><div class='question-content'><p><span class='watu_num'>16. <\/span>An upward shift in marginal cost ________output and an upward shift in marginal revenue ________ output.<\/p>\n<\/div><input type='hidden' name='question_id[]' value='397' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1782' \/><div class='watu-question-choice'><input type='radio' name='answer-397[]' id='answer-id-1782' class='answer answer-16  answerof-397' value='1782' \/>&nbsp;<label for='answer-id-1782' id='answer-label-1782' class=' answer label-16'><span class='answer'>increases, increases<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1781' \/><div class='watu-question-choice'><input type='radio' name='answer-397[]' id='answer-id-1781' class='answer answer-16  answerof-397' value='1781' \/>&nbsp;<label for='answer-id-1781' id='answer-label-1781' class=' answer label-16'><span class='answer'>reduces, increases<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1780' \/><div class='watu-question-choice'><input type='radio' name='answer-397[]' id='answer-id-1780' class='answer answer-16  answerof-397' value='1780' \/>&nbsp;<label for='answer-id-1780' id='answer-label-1780' class=' answer label-16'><span class='answer'>reduces, reduces<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1783' \/><div class='watu-question-choice'><input type='radio' name='answer-397[]' id='answer-id-1783' class='answer answer-16  answerof-397' value='1783' \/>&nbsp;<label for='answer-id-1783' id='answer-label-1783' class=' answer label-16'><span class='answer'>increases, reduces<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType16' value='radio' class=''><\/div><div class='watu-question' id='question-17'><div class='question-content'><p><span class='watu_num'>17. <\/span>A firm that breaks even after all economic costs are paid is earning<\/p>\n<\/div><input type='hidden' name='question_id[]' value='399' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1786' \/><div class='watu-question-choice'><input type='radio' name='answer-399[]' id='answer-id-1786' class='answer answer-17  answerof-399' value='1786' \/>&nbsp;<label for='answer-id-1786' id='answer-label-1786' class=' answer label-17'><span class='answer'>Economic profit<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1788' \/><div class='watu-question-choice'><input type='radio' name='answer-399[]' id='answer-id-1788' class='answer answer-17  answerof-399' value='1788' \/>&nbsp;<label for='answer-id-1788' id='answer-label-1788' class=' answer label-17'><span class='answer'>Normal profit<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1787' \/><div class='watu-question-choice'><input type='radio' name='answer-399[]' id='answer-id-1787' class='answer answer-17  answerof-399' value='1787' \/>&nbsp;<label for='answer-id-1787' id='answer-label-1787' class=' answer label-17'><span class='answer'>Accounting profit<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1789' \/><div class='watu-question-choice'><input type='radio' name='answer-399[]' id='answer-id-1789' class='answer answer-17  answerof-399' value='1789' \/>&nbsp;<label for='answer-id-1789' id='answer-label-1789' class=' answer label-17'><span class='answer'>Supernormal profit<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType17' value='radio' class=''><\/div><div class='watu-question' id='question-18'><div class='question-content'><p><span class='watu_num'>18. <\/span>If demand is ___________ then price cuts will __________ spending<\/p>\n<\/div><input type='hidden' name='question_id[]' value='372' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1687' \/><div class='watu-question-choice'><input type='radio' name='answer-372[]' id='answer-id-1687' class='answer answer-18  answerof-372' value='1687' \/>&nbsp;<label for='answer-id-1687' id='answer-label-1687' class=' answer label-18'><span class='answer'>elastic, increase<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1689' \/><div class='watu-question-choice'><input type='radio' name='answer-372[]' id='answer-id-1689' class='answer answer-18  answerof-372' value='1689' \/>&nbsp;<label for='answer-id-1689' id='answer-label-1689' class=' answer label-18'><span class='answer'>none of the above<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1686' \/><div class='watu-question-choice'><input type='radio' name='answer-372[]' id='answer-id-1686' class='answer answer-18  answerof-372' value='1686' \/>&nbsp;<label for='answer-id-1686' id='answer-label-1686' class=' answer label-18'><span class='answer'>inelastic, increase<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1688' \/><div class='watu-question-choice'><input type='radio' name='answer-372[]' id='answer-id-1688' class='answer answer-18  answerof-372' value='1688' \/>&nbsp;<label for='answer-id-1688' id='answer-label-1688' class=' answer label-18'><span class='answer'>elastic, decrease<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType18' value='radio' class=''><\/div><div class='watu-question' id='question-19'><div class='question-content'><p><span class='watu_num'>19. <\/span>Economics assumes that people consume goods and services to achieve<\/p>\n<\/div><input type='hidden' name='question_id[]' value='383' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1728' \/><div class='watu-question-choice'><input type='radio' name='answer-383[]' id='answer-id-1728' class='answer answer-19  answerof-383' value='1728' \/>&nbsp;<label for='answer-id-1728' id='answer-label-1728' class=' answer label-19'><span class='answer'>Status<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1730' \/><div class='watu-question-choice'><input type='radio' name='answer-383[]' id='answer-id-1730' class='answer answer-19  answerof-383' value='1730' \/>&nbsp;<label for='answer-id-1730' id='answer-label-1730' class=' answer label-19'><span class='answer'>Utility<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1731' \/><div class='watu-question-choice'><input type='radio' name='answer-383[]' id='answer-id-1731' class='answer answer-19  answerof-383' value='1731' \/>&nbsp;<label for='answer-id-1731' id='answer-label-1731' class=' answer label-19'><span class='answer'>Self-esteem<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1729' \/><div class='watu-question-choice'><input type='radio' name='answer-383[]' id='answer-id-1729' class='answer answer-19  answerof-383' value='1729' \/>&nbsp;<label for='answer-id-1729' id='answer-label-1729' class=' answer label-19'><span class='answer'>Prestige<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType19' value='radio' class=''><\/div><div class='watu-question' id='question-20'><div class='question-content'><p><span class='watu_num'>20. <\/span>The price elasticity of demand measures ________________<\/p>\n<\/div><input type='hidden' name='question_id[]' value='370' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1680' \/><div class='watu-question-choice'><input type='radio' name='answer-370[]' id='answer-id-1680' class='answer answer-20  answerof-370' value='1680' \/>&nbsp;<label for='answer-id-1680' id='answer-label-1680' class=' answer label-20'><span class='answer'>a change in price<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1679' \/><div class='watu-question-choice'><input type='radio' name='answer-370[]' id='answer-id-1679' class='answer answer-20  answerof-370' value='1679' \/>&nbsp;<label for='answer-id-1679' id='answer-label-1679' class=' answer label-20'><span class='answer'>how far a demand curve shifts<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1678' \/><div class='watu-question-choice'><input type='radio' name='answer-370[]' id='answer-id-1678' class='answer answer-20  answerof-370' value='1678' \/>&nbsp;<label for='answer-id-1678' id='answer-label-1678' class=' answer label-20'><span class='answer'>the responsiveness of quantity demanded to a change in price<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1681' \/><div class='watu-question-choice'><input type='radio' name='answer-370[]' id='answer-id-1681' class='answer answer-20  answerof-370' value='1681' \/>&nbsp;<label for='answer-id-1681' id='answer-label-1681' class=' answer label-20'><span class='answer'>a change in quantity demanded<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType20' value='radio' class=''><\/div><div style='display:none' id='question-21'><br \/><div 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