1) This question refers to the MRU video 'Entry, Exit, and Supply Curves: Increasing Costs'

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1) This question refers to the MRU video 'Entry, Exit, and Supply Curves: Increasing Costs'.) An industry's supply curve is built upon:

Select one:

a. firm entry and exit decisions and their effects on costs.

b. firm entry and exit decisions and their effects on prices.

c. buyer purchasing decisinos and their effects on costs.

d. buyer purchasing decisions and their effects on prices.

2)This question refers to the MRU video 'Entry, Exit, and Supply Curves: Decreasing Costs'.) What causes an industry cluster to evolve?

Select one:

a. A reduction in local industry costs in response to increasing output

b. An increase in local skilled labor in response to increasing costs

c. An improvement in local industry regulations in response to increasing employment

d. A reduction in local industry wages in response to increasing demand for labor

3) This question refers to the MRU video 'Entry, Exit, and Supply Curves: Decreasing Costs'.) The site of an emerging industry cluster is attractive to new industry entrants because:

Select one:

a. the networking opportunities available lead to increase employee satisfaction.

b. the legal barriers cleared by the existing firms are less threatening.

c. not having to do market research to determine a location is more efficient.

d. the advantages creating by the existing firms lead to lower costs.

4) This question refers to the MRU video 'Introduction to the Competitive Firm'.) According to the model of firm behavior introduced in the video, what is the main motivation for firms' actions?

Select one:

a. Efficiency

b. Revenue

c. Sales

d. Profit