Suppose there is an advance in technology that allows the automobile industry to manufacture automobiles more cheaply. We would expect（）
A. an increase in both the equilibrium price and the equilibrium quantity of automobiles
B. a decrease in both the equilibrium price and the equilibrium quantity of automobiles
C. an increase in the equilibrium price and a decrease in equilibrium quantity of automobiles
D. a decrease in the equilibrium price and an increase in the equilibrium quantity of automobiles
The position and slope of the budget line are determined by（）
A. consumer’s income
B. consumer’s preference
C. consumer’s income and the prices of goods
D. consumer’s income, preference, and the prices of goods
Pure monopoly is characterized by（）
A. one firm, with no competitors, that produces a product with no close substitutes
B. many firms that produce a homogeneous product
C. many firms that produce slightly different products that are close substitutes
D. such a small number of firms that each must figure out how the others will respond to its own actions
An increase in a monopolist’s average cost will lead to（）
A. an increase in price only if marginal cost also increases
B. an increase in price, as the monopolist passes on the price increase
C. a decrease in price as the monopolist needs to sell more in order to cover increased costs
D. an increase in price only if the elasticity of demand is less than 1
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