ATC3 ATC1 ATC2 Q5 Q& Q3 Q2 Q1 Quantity of Output Figure 13-7Question 18 of 45 1 Points Refer to Figure 13-7. When does the firm experience economies of scale? Section 1_Midterm 2_gure 13-7.}: 25 KB O A. if it changes its level of output from Q3 to Q4 O B. if it changes its level of output from Q1 to Q2 0 C. if it changes its level of output from Q4 to Q5 O D. if it changes its level of output from Q2 to Q3 Reset Selection Cost and Revenue MC ATC P3 P2 Q4 Quantity Q1 Q2 Q3 Figure 14-3Question 19 of 45 1 Points Refer to Figure 14-3. When the price is P2 and the rm maximizes its prot or minimizes its losses, what will occur at the firm? Section 1_Midterm 2_gure 14-3.; 27 KB O A. It will experience a loss but continue to operate. O B. It will experience a positive profit. O C. It will experience a zero prot. O D. It will shut down Reset Selection Question 20 of 45 1 Points In the long-run, what happens to inputs? 0 A. Inputs that were xed in the short run remain fixed 0 B. Inputs that were fixed in the short run become variable 0 C. Inputs that were variable in the short run will decrease O D. Inputs that were variable in the short run will increase Reset Selection Question 21 of 45 1 Points For a firm, what does the production function represent? 0 A. the relationship between quantity of inputs and total cost O B. the relationship between quantity of output and total cost O C. the relationship between quantity of inputs and quantity of output 0 D. the relationship between implicit costs and explicit costs Reset Selection Question 22 of 45 1 Points Scenario 14-1 Assume a certain firm is producing 1000 units of output (so Q = 1000). At Q = 1000, the firm's marginal cost equals $15 and its average total cost equals $11. The firm sells its output for $12 per unit. Refer to Scenario 14-1. At Q = 1000, what is the firm's profit? O A. $1000 O B. $4000 O C. $3000 O D. -$200 Reset SelectionQuestion 23 of 45 1 Points When a rm in a competitive market receives $5000 in total revenue, it has a marginal revenue of $1 00. What is the average revenue, and how many units were sold? O A. $100 and 100 units O B, $50 and 50 units 0 C. $50 and 100 units 0 D. $100 and 50 units Reset Selection \fQuestion 24 of 45 1 Points Refer to Figure 14-5. In which panel is the firm making a loss? A Section 1_Midterm 2_Figure 14-5.pdf 31 KB O A. panel (c) B. panel (a) O C. panel (b) O D. both panels (b) and (c) Reset Selection Save