Question 13 (1 point) I The long run is defined as O a time of 5 years or more. C) a point in time when all inputs are variable. O a time of 5 years or less. O a point in time when at least one input is fixed. Question 14 (1 point) I All of the following are likely sold in perfect competitive markets except: O lettuce O oranges O strawberries O potato chips Question 15 (1 point) I The price elasticity of supply measures O how suppliers respond to consumers. 0 how suppliers respond to changes in prices. 0 how buyers respond to changes in prices. O how buyers respond to changes in income. Question 16 (1 point) I The price elasticity of supply O is always positive because prices can only increase. 0 is always positive, by the law of supply. 0 is always negative, by the law of supply. O is always negative because prices can only decrease. Question 17 (1 point) I Marginal revenue represents O the total revenue earned as more quantity is sold. O the additional revenue earned as more quantity is sold. O the total profit earned as more quantity is sold. O the additional profit earned as more quantity is sold. Question 18 (1 point) I All of the following are characteristics of perfect competition except: Q There are many firms selling differentiated products. Q There is free entry and exit. O Individual firms have no control over price. Q There are many firms selling identical products. Question 19 (1 point) I How much producers are willing and able to sell at a particular price is known as O quantity demanded. O demand. O quantity supplied. O sunplv- Question 20 (1 point) I Inputs into production include O land, labor, money. and government regulations. O marginal revenues and marginal costs. O land, labor, capital. and entrepreneurship. O total revenues and total costs. Question 21 (1 point} _I A firm's ___________ consist of expenditures that must be made before production starts that typically, over the short run, ___ _ regardless of the level of production. O fixed costs: do not change, O variable costs: are constantly changing, O variable costs: do not change, O fixed costs: are consistently changing, Question 22 (1 point} _I Producer surplus is measured as the O minimum price a seller is willing to accept minus the market price. O market price minus the minimum price a seller is willing to accept. O maximum price a buyer is willing/able to pay minus the market price. O market price minus the maximum price a buyer is willing/able to pay. Question 23 (1 point} _I Price elasticity of supply for tickets to the local professional baseball game is O more inelastic in the long run because the size of the stadium can be expanded in the future. O more elastic in the short run because the size of the stadium is fixed today. O more elastic in the long run because the size of the stadium can be expanded in the future. less elastic in the long run because the size of the stadium can be expanded in the future. Question 24 (1 point) I Select the best matches from the lists below. 1. price elasticity of demand (change in P)/(change in Qd} 2. price elasticity of supply E = 1 3. relatively price elastic E