A rise in demand for restaurant meals is likely to cause which of the following in the long run?

A rise in demand for restaurant meals is likely to cause which of the following in the long run?
 a. economic losses for each restaurant
  b. a lower price for each restaurant meal
  c. fewer restaurants in the industry
  d. more restaurants in the industry
  e. economic profit for restaurants

QUESTION 2

Generally, people are more satisfied with private market outcomes than with public voting outcomes because
 a. each consumer in the private market can choose the quantity he or she desires
  b. most people are near the median
  c. the prices are lower
  d. markets are involuntary
  e. there are too many choices to make in the public sector

QUESTION 3

A rise in demand for restaurant meals is likely to cause which of the following in the short run?
 a. economic losses for each restaurant
  b. a lower price for each restaurant meal
  c. fewer restaurants in the industry
  d. more restaurants in the industry
  e. economic profit for restaurants

QUESTION 4

Which of the following is a problem with or a limit on antitrust policy?
 a. Competition may not require that many firms
  b. Abuse of antitrust
  c. Growth of international markets
  d. Growing doubt about the economic value of lengthy antitrust court cases
  e. All of the answers are correct

QUESTION 5

Assume a monopolistically competitive firm is earning an economic profit. The marginal revenue from selling an additional unit is 30 and the marginal cost of producing that additional unit is 23 . The firm should
 a. change neither its price nor its output level
  b. reduce its price and increase its output level
  c. increase its price and reduce its output level
  d. reduce both its price and its output level
  e. increase both its price and its output level

QUESTION 6

Technological change is decreasing competition in the market for media.
 a. True
  b. False