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Midterm II--Answer Key for Practice Exam #2

Multiple choice answers

  1.b   6.d 11.a 16.e 21.e
  2.b   7.b 12.a 17.d 22.d
  3.d   8.e 13.c 18.c 23.c
  4.e   9.d 14.e 19.d 24.d
  5.b 10.b 15.a 20.b 25.e

Problem section


Midtm-S92-Fig.gif (7099 bytes)
  1. Price = 10
  2. Industry output = 5
  3. Industry profit = 0
  4. Consumer surplus = 25
  5. Welfare = 25