1.The quantity chosen by a perfectly competitive firm that maximizes profit (or minimizes losses) is...

-The quantity where Marginal Revenue is greater than Marginal Cost

-The quantity where Marginal Cost is greater than Marginal Revenue

-The quantity where Marginal Revenue equals Marginal Cost

-The quantity where Marginal Revenue is zero.

2.In the long-run...

-Perfectly Competitive firms earn zero economic profit

-Perfectly Competitive firms earn economic profits but take accounting losses

-Perfectly Competitive firms earn zero accounting profit.

-Perfectly Competitive firms earn large economic profits.

3.From where we are today, a $30/hour minimum wage would likely have what effect?

-Relatively more workers (jobs) and relatively less capital (robots) used by employers.

-No effect on the labor or capital markets

-More of both workers (jobs) and capital (robots).

-Relatively fewer workers (jobs) and relatively more capital (robots) used by employers.

4.What is the marginal revenue from unit #6?