THST 2120 Lecture 5: Lecture 5.docx

New entrants to an industry are more likely when:

a. there is perfect competition

b. there is monopoly

c. there is oligopoly

d. there is high fixed cost

14. Which of the following is true if there is a decrease in the demand for cupcakes? A) There is an increase in producer surplus. B) There is an increase in consumer surplus. C) There is an increase in total surplus. D) There is a decrease in producer surplus.

Which of the following statements is TRUE if there is a decrease in the demand for iPhones?

a. There is an increase in consumer surplus.

b. There is a decrease in producer surplus.

c. There is an increase in producer surplus.

d. There is an increase in total surplus.