21. Holding supply conditions constant, the costs of regulation fall wholly on producers when: a) EP=1 b) EP=>1 c) EP=oo d) Ep=0 22. A 100% markup on cost is equivalent to a markup on price of: a) 25% b) 33% c) 50% d) 100% 23. A 25% markup on price is equivalent to a markup on cost of: a) 25% b) 33% c) 50% d) 100% 24. When E]. = 3, the optimal markup on cost is: a) 100% b) 67% c) 50% d) 33% 25. When EP = 2, the optimal markup on price is: a) 100% b) 6T% 0) 50% d) 33% Use the following table to answer the next question Quantity Total of output cost 0 $ 50 1 0 85 20 1 50 30 220 40 305 50 455 26. If the market price is $8.50, what are the profit-maximizing output and prot? a) output = 40; prot = $35 b) output = 40; prot = $0 0) output = 0; prot = -$50 (1) output and prot cannot be determined because marginal revenue cannot be calculated 2?. If a rm charges a price of $6 for a product with a cost of $5, the markup on cost equals: a) 67% b) 33% c) 20% d) 50% 28. If a rm charges a price of $5 for a product with a cost of $3, the markup on price equals: a) 60% b) 150% c) 250% d) 40% 29. If the optimal markup on price is 50%, the optimal markup on cost is: a) 100% b) 75% c) 50% d) 25% I30.If the optimal markup on cost is 25%, the optimal markup on price is: a) 20% b) 25% c) 50% d) 100%