Don't need a explanations

1.Compared with a perfectly competitive market, a single-price monopoly with the same market demand and cost curves will

A:increase output and price

B:increase output and decrease price

C:decrease output and price

D:decrease output and increase price

E:produce the same level of output and increase price

2.The government must provide public goods such as national defense because

a:the production of public goods requires economies of scale that the private sector cannot achieve

b:it is generally impossible to exclude individuals who value public goods but do not pay for them

c:public goods cannot be produced in private competitive markets, since they have highly inelastic demand

d:private producers charge a price that is substantially greater than marginal cost

e:no single individual should have to pay for public goods, since they benefit society as a whole

3.If the government eliminates an effective minimum wage in a competitive labor market, which of the following is true?

a:Minimum wage workers will experience no change in hourly pay.

b:Minimum wage workers will experience a decrease in hourly pay.

c:The number of people employed will decrease because people do not want to work for low wages.

d:There will be an excess demand for workers.

e:There will be an increase in the supply of workers.

8.If the government eliminates an effective minimum wage in a competitive labor market, which of the following is true?

a:Minimum wage workers will experience no change in hourly pay.

b:Minimum wage workers will experience a decrease in hourly pay.

c:The number of people employed will decrease because people do not want to work for low wages.

d:There will be an excess demand for workers.

e:There will be an increase in the supply of workers.

22.The Lorenz curve is used to study the

a:relationship between output and unemployment

b:relationship between income and consumption

c:extent of income inequality within a society

d:incidence of an excise tax on buyers and sellers in a market

e:impact of foreign trade on domestic production of goods

30.Which of the following is true of a firm in a perfectly competitive industry?

a:It faces a perfectly elastic demand curve.

b:It faces a downward-sloping demand curve.

c:It will increase its total revenue if it increases the selling price of its product.

d:Its cost could be greatly reduced if it did not have to advertise its product.

e:It sets the price of its product at the level at which profits are maximized or losses are minimized.