1. which type of goods has well established property rights

a. public goods

b. common goods

c. club goods

d. private goods

2. which price will a monopoly set?

a. above marginal cost

b. Equal to marginal cost

c. equal to fractional cost of marginal cost

d. below marginal cost  which condition

3. determines the profit maximizing output for a monopolist?

a. price equals average total cost

b. marginal revenue equals marginal cost

c. price equals average fixed cost

d. marginal revenue equals average fixed cost

4. what is effect on import tarrif on domestic price of bananas

a. price Increases

b. price decreases

c. price matches the global market price

5. Classify the effect of a tariff on each situation  

a.      Demand for foreign goods (increase or decrease)

b.    The domestic quantity of goods produced (increase or decrease)

c.    The domestic quantity demanded (increase or decrease)

d.     Domestic government revenue (increase or decrease)