Cabove the total cost curve. Question 8 2 pts If a tax is imposed on a good where both supply and demand are somewhat elastic (not perfectly elastic), but demand is less elastic than supply, the burden of the tax will be borne cby consumers and producers equally. be consumers alone. cby producers alone. cmostly by consumers but partially by producers. cmostly by producers but partially by consumers. Question 9 2 pts Consider the graph of Marginal Product (MP) of labor below. Based on the given graph of MP, which of the following graphs shows the corresponding graph of Total Output? \fTotal output 10 20 Labor C Total output 10 20 Labor Question 10 2 pts Firm C is a monopolist firm, and firm C makes a profit. Which of the following is a correct graph for firm C? The graph should show the correct MC, MR, demand curve and the ATC, and correctly indicate the profit. C Price The profit is indicated by the area of the rectangle Quantity C Price , , . _ The profit IS Indicated by the area of the rectangle MR MC Quantity C Price The profit is indicated by the area of the rectangle MC ATC Profit D MR Quantity C Price The profit is indicated by the area of the rectangle ATC A MC Profit MR D Quantity Question 11 2 ptsThe market for apples is perfectly competitive. Currently, all firms in the market make a positive profit. Which of the following shows a correct graph for an individual firm? The graph should show the correct MC, MR, and ATC and correctly indicate the profit-maximizing quantity. C Profit and cost Profit maximizing quantity C Profit and cost Profit maximizing quantity Question 12 2 pts A firm first experiences diseconomies of scale and then constant return to scale when it increases its output. Which of the following graphs correctly shows the LRATC of that firm? C Long run ATC Q C Long run A ATC QC Long run A ATC Q C Long run ATC Q Question 13 2 pts Consider the market for good H. Assume that demand for good H is perfectly inelastic. A tax is levied on sellers. Which of the following graphs correctly shows the effects of the tax? The graph should also correctly indicate CS, PS, and tax revenue after tax. C Price CS Tax PS DWL revenue D1 D2 Quantity C Price S CS DWL Tax revenue PS D1 D2 QuantityC Price DWL Tax revenue PS S D1 D2 Q2 Q1 Quantity C Price D S2 CS Tax revenue PS Quantity 3 pts Question 14