80. Commander Data and Wesley Crusher want to know the following: the intersoction of a firm's marginal- revenue and marginal-cost curves determines the level of output such that which of the following is the casc? a. Profit is maxmzed whcre total revenuc is cqual to variable cost. b Profit is maximized wherec the difference between marginal revenue and marginal cost s the largest c. Profit is maximized whcre total revenuc is equal to total cost. d Profit is maximized whcre the difference between total revenue and total cost is the largest. 81. Deanna Troi is managing a small business with Worf and asks him, when managers of firms in a competitive market obscrve falling profits, what are they likely to infer? a The market is characteriized by a violation of conventional market forces. b. The markct is characterized by over-investment. c The market is characterized by rising prices. d. The market is characterized by the entering of new firms. 82. Othello and Desdemona are out on the town in Venice shopping in a competitive flower market.L Consider a competitive flower market with a large number of identical firms. The fims in this market do not use any resources that are available only in limited quantities. In long-run equilibrium, how is market price determined? A by deman b. by the minimum point on the firms' average-total-cost curve C. by the minimum point on the firms average-variable-cost curve d by the number of firms in the industry 83. Market demand for Baby Yoda Toys is given as O -200-3 P. Mlarket supply is given as -2"P+100. Each identical firm has MC-0.5*Q and .47C-0.25 Q What quantity of output will a typical firm produce? 10 b. 20 30 d 40 84. Market demand for Baby Yoda Apparel is given as Q-00-P. Market supply for Baby Yoda Apparel is given as - 3*P. Each identical firm has MC-3 0 and ATC-15 Q What is a firm's average total cost? 2. S1.50 b. 55.00 c. $7.50 d S15.00