A market structure, typically characterized by one, single seller.

Product differentiation is by _________.

Fiat money is based on?

Firms face perfectly elastic demand curves in ________.

Macroeconomics is the study of an individual consumer and producer decisions.

Suppose the demand for pizza is inelastic.  If a pizzeria decided to decrease the price of pizza, total revenue would _________.

Asset fixity means an asset does not have many alternative uses.

The odds in favor of a team winning a championship are 8 to 3.  Find the probability of the team winning the championship. Write your answer as a fraction. The probability of winning a prize at a local charity event is 9/23.  What are the odds against winning a prize?      

A bag contains 4 blue and 7 red M&Ms.  You randomly select two M&Ms from the bag without replacement (you eat the M&Ms). Find the probability that the first is blue and the second is red.  Write your final answer as decimal, rounded to three decimal places.

Right now, show all of your work to the Honorlock proctor by holding up each piece of paper in front of your camera, that you intend to upload in Canvas after the exam.   Within 30 minutes after completing the​ exam, scan or take a picture of each paper containing relevant work and upload each under the appropriate test in the Canvas drop box attached to the study guide.  You do not need to upload your study notes.  ​By uploading your​ work, I am able to give partial credit on missed problems.  Some problems may require work to be shown for any credit.   ​Finally, please note that the automated grade for this test is NOT correct. I will be grading these exams by hand and providing feedback below the problems.  You may view this feedback by clicking on the test in Canvas Gradebook. It may take roughly one week after you take the exam to receive your official score.