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Question 12 Following a supply shock (a shift in the supply curve), the equilibrium price in the market goes up, but the equilibrium quantity remains the same. Which one of the following can be true? The supply curve shifted left and the demand curve is perfectly elastic. The supply curve shifted left and the demand curve is perfectly inelastic. The supply curve shifted right and the supply curve is perfectly inelastic. O The supply curve shifted right and the demand curve is perfectly inelastic.If a monopolistically competitive firm is selling at a price below average total cost it is experiencing O zero economic profits O cannot be determined. positive economic profits negative economic profitsIn a small remote town, Bob sells caviar and nobody else does within 200 miles. We can call Bob a monopolist. If Bob tries to maximize profit, and faces a downward-sloping market demand curve, his O average revenue is less than the price of the caviar. O marginal revenue is greater than the price of the caviar. O average revenue is less than marginal revenue. marginal revenue is less than the price of the caviar