Cost and Demand Conditions of a Perfectly Competitive Firm Dollars o : 8 8 6 8 8 8 8 MC ATC AVC Demand = Price 10 20 30 40 50 60 70 80 90 Quantity 1) The firm will realize economic profits by producing and selling any output a. less than 15 units b. greater than 85 units c. between 15 units and 85 units d. between 30 units and 75 units 2) The firm will realize economic losses by producing and selling any output a. less than 30 units or more than 75 units b. between 30 units and 40 units C. between 30 units and 60 units d. between 60 units and 75 units 3) The firm will maximize total economic profits by producing a. 40 units b. 50 units C. 60 units d. 75 units 4) At the profit-maximizing output, the firm's total fixed costs are a. $700 b. $900 c. $1,000 d. $1,200 5) At the profit-maximizing output, the firm's total revenue equals a. $2,400 b. $3,000 c. $3,600 d. $4,200 6) At the profit-maximizing output, the firm's total costs equal a. $2,200 b. $2,600 C. $3,000 d. $3,400 7) At the profit-maximizing output, the firm's total profits equal a. $400 b. $600 C. $800 d. $1,000 8) If the firm's price falls to $35, it will a. produce 50 units and realize a profit b. produce 50 units and break even c. produce 45 units and realize a loss d. shut down 9) If the firm's piece falls to $20, it will . shut down b. produce 20 units and realize a loss produce 50 units and break even d. produce 60 units and realize a profit