12:07 7 Question 4 Why is the demand curve perfectly elastic for a firm in a perfectly competitive market? coursehero.com m12:07 7 Question 8 This Competitive Firm [Select ] earning profits. They [ Select ] at the shut-down point because the AVC is [ Select ] the MR curve. 110 8 8 8 COST 20 30 50 60 OUTPUT coursehero.com m12:07 7 Question 6 2 pts At long-run competitive equilibrium P = MR = MC = SRATCmin = LRATCmin O True O False Question 7 2 pts This figure below is Long-run Industry Supply. What type of cost industry is shown? S1 PRICE SLR OUTPUT Increasing Cost Industry O Decreasing Cost Industry O Constant Cost Industry coursehero.com C12:07 7 Question 2 3 pts Marginal Revenue is the change in total revenue divided by change in quantity which represents the change in [ Select ] that results from the [ Select ] Question 3 2 pts The profit maximizing rule states that a firm maximizes profit at a point where equals coursehero.com m12:07 Question 5 The graph below is for a Competitive Firm. Use the graph to answer Questions 5 & 6. 120 COST 8 8 8 8 8 8 8 8 8 OUTPUT Match the numbers by each curve to their correct label. 1 [ Choose ] 2 [ Choose ] 3 [ Choose ] 4 [ Choose ] coursehero.com12207 4 .I "5' [E' Question 9 3 pts Below is a competitive rm earning prot. The average total cost, average variable cost. marginal cost. and marginal revenue curves are shown in the graph provided. lm t i I 110 11!) no N '5 m 8 so so 4o so 20 an an no so so OUTPUT How much is this rm earning in prot? (Find the area of the virtual rectangle or use the Prot Equation from the lecture). coursehero.com