6. Monopoly is characterized by:
a) Many firms and differentiated products
b) Many firms and identical products
c) A single firm and differentiated products
d) A single firm and unique products
7. The marginal cost curve intersects the average variable cost curve at its:
a) Minimum point
b) Maximum point
c) Inflection point
d) Zero point
8. Which of the following is not a factor of production?
a) Labor
b) Capital
c) Money
d) Land
9. The production possibility frontier (PPF) represents:
a) The maximum combination of goods a society can produce given its resources
b) The maximum price a consumer is willing to pay for a good
c) The maximum profit a firm can earn in a given market
d) The maximum level of employment in an economy
10. In perfect competition, a firm is a price:
a) Taker
b) Maker
c) Setter
d) Influencer
