In order for an individual to receive a black belt in karate, they must pass a series of tests designed by a third party. An announcement listing those individuals who received their black belt in karate is an example of ________.

When a monopolistically competitive firm's demand curve shifts leftward, what happens to its marginal revenue curve?

A) Nothing, the marginal revenue curve is unchanged. B) It disappears. C) It shifts rightward. D) It shifts leftward. E) None of the above is correct because the effect on the marginal revenue curve depends on whether the demand was initially elastic or inelastic.

If the Chinese government sets a price ceiling below the equilibrium price, the result will be to

A) increase total surplus. B) create deadweight loss. C) increase surplus and create deadweight loss. D) eliminate deadweight loss.