Answer each question with its letter answer or if it's true or false.

19. In economics, a "free rider" is someone who a. will not voluntarily pay for a benefit from which they cannot be excluded always volunteers to do any job that may need to be done prefers subsidized public transportation hitchhikes to save money 20. The geometric description of SR marginal cost is the a area under the SR total cost curve area between the SR total cost curve and the SR total revenue curve C. slope of the SR total profit curve slope of the SR total cost curve 21. Profit can be maximized for a competitive firm only when SRMC is equal to a average cost b. total cost C. price marginal revenue both (c) and (d) are correct 22. Maureen left her teaching job, which paid $20,000 per year, and invested $20,000 of her retirement fund (which was earning 10 percent interest) in a new real estate business. Her accountant predicted a profit of $50,000. Her husband, an economist, reported her economic profit to be a $10,000 b. $22,000 C. $28,000 d $50,000 23. If doubling the quantity of all inputs doubles the quantity of output, the firm is experiencing a increasing returns to scale decreasing returns to scale constant returns to scale increasing costs per unit of output 24. Which of the following formulas defines average fixed cost? a. AFC = VC/Q b. AFC = SRTC/Q AFC = ATC - AVC (a) and (c) above are both correct 25. If a firm is currently employing labor at a level such that MRPL