1.

Use the graph to answer the queson that follows. (1 point) Muginll Pmdm Based on the chart above, if the product sells at a price of $1 per unit, what is the marginal revenue product of the second unit of labor'? 0 Indeterminate Use the graph to answer the prompt. (1 point) Figure 1: Production Possibilities Curve (PPC) C 5.75- Airplanes A Helicopters According to the graph, the opportunity cost for producing the first helicopter is airplanes. 0.25 O 2 O 5.75 0 6LB Limited is a price taker in a perfectly competitive market. It produces and sells canned spices. The following information is available for the company: Current output 5000 units Current market price $3 Total cost $25,000 Marginal cost $3 Total variable cost $20,000 What is the best action for LB limited? (1 point) Operating in the short run and in the long run Increase output in the short run and in the long run O Shut down in the short run and exit in the long run O Shut down in the short run and produce in the long run Reduce output in the short run and increase output in the long runUse the table to answer the question that follows. Number of Units Produced Average Total Cost 1 9 2 10 12 4 15 5 16 What is the marginal cost of the third unit produced? (1 point) O $12 $16 $24 O $36 IndeterminateUse the graph to answer the question that follows. (1 point) $50 MC $40 ATC AVC $30 Price $20 P $10 10 Quantity Assuming the graph shows the cost structure of a perfectly competitive firm, what does point B represent? The break-even point The long-run shutdown point The minimum efficient scale The short-run shutdown point The minimum of the supply curve