D D 29.{03.03MC) Use the graph to answer the question. (1 point] 10 Long Run Average Total Costs Output which of the following would accurately describe rms unable to achieve the minimum efficient scale? 0 They would produce closer to point D. 0 They would be unable to cross the range from B to C. 0 They are producing between A and B. 0 They are producing either between A and B or between C and D. 0 They are producing beyond point D. D I] 33.{03.06 MC) The following information is available for a company that operates in a perfectly competitive market. Current output 5000 units Current market price $5 Total cost $25,000 Marginal cost $4 Total variable cost $20,000 what is the best action for this rm? (1 point) O Increase output in the short run and stay in the market the long run 0 Increase output in the short run and decrease output in the long run 0 Shut down in the short run and exit in the long run 0 Shut down in the short run and produce in the long run 0 Reduce output in the short run and increase output in the long run B 00000 I] 35. {03.07 MC) Use the graph to answer the question below. The quantity is measured in thousands of units. (1 point} 350 MC 340 - TC AVC $30 _8 E 320 P B 'r m A u l 2 3 4 5 6 7 3 9 ll) WW Assume the graph represents a perfectly competitive rm. What will this firm do in the short run and in the long run? It will operate in the short run but will leave the market in the long run. It will shut down in the short run and leave the market in the long run. It will operate in the short run and stay in the market in the long run. It will shut down in the short run and stay:r in the market in the long run. InsuFficient data to determine 39. (04.02 MC) Use the graph below. (1 point) Price MC AC M P. N AR P. G MR Quantity (units) What does the area formed by P1, M, Q2, and 0 represent? The firm's total revenue at the profit-maximizing quantity The firm's profit at the profit-maximizing quantity The firm's total cost at the profit-maximizing quantity The deadweight loss in the market because of the monopoly The firm's missed revenue if it charges less than the profit-maximizing price43. (04.05 HC) Company A and Company B are competing oligopolists. Both companies are considering increasing or maintaining their prices. The payoff matrix shows the profits of the companies in millions based on their possible actions. Company B Increase Price Maintain Price Company A Increase Price $50, $40 $35, $30 Maintain Price $55, $45 $60, $35 The government offers a $5 million subsidy to maintain current pricing. What is the expected outcome of the new payoff matrix, given the subsidy? (1 point) The Nash equilibrium changes, and both companies will maintain their prices. The Nash equilibrium changes, and both companies will increase their prices. The Nash equilibrium remains the same, and both companies will increase their prices. Company A will increase its price, while Company B maintains its price. Company A will maintain its price, while Company B increases its price.m D 44. {05.01 MC) Use the graph to answer the question that follows. [1 point) Marginal Product Based on the chart above, if the product sells at a price of $10 per unit, what is the marginal revenue product of the seventh unit of labor? 0 About $25 0 Indeterminate W 47. (05.03 MC) Use the table to answer the question that follows. Quantity of Labor MP of Labor Quantity of Capital MP of Capital 1 40 1 50 2 45 N 40 3 35 3 35 4 20 4 15 5 5 5 5 What combination of labor and capital would satisfy the input hiring rule that minimizes the cost of production, if the price of labor is $5 and the price of capital is $10? (1 point) 1 unit of labor; 3 units of capital O 2 units of labor; 1 unit of capital 3 units of labor; 2 units of capital O 4 units of labor; 2 units of capital 5 units of labor; 5 units of capital 48.(51. (06.01 MC) Use the graph to answer the question that follows. (1 point) MSC S=MPC Price ($) D=MPB=MSB Quantity Which of the following can cause the relationship shown between MSC and MPC? O A decrease in financial instability from unlawful investing An increase in investment to support educational funding A decrease in fish population caused by overfishing a lake A decrease in air pollution caused by a nuclear energy plant () An increase in research and development funding of a productE] [3 5(o&02MC) Review the table below, which shows the quantity supplied and quantity demanded for a private good. Price Quantity Supplied Quantity Demanded $1 10 25 $3 20 20 $5 30 15 $7 40 5 If the good in the market above is non-excludable, the maximum quantity transacted in the market will be [1 point) 0 Indeterminate m I] 55.(06.02MC) Use the graph to answer the question that follows. [1. point} Price [3) Q' Q' '3'\"an Without government intervention, this market will charge a price lower than optimal by PC 0 higher than optimal by P\" 0 lower than optimal by Pc p3 0 higher than optimal by PC p9 0 lower than optimal by Pc PP W 58. (06.04 MC) Use the graph to answer the question that follows. (1 point) Price ($) UI S 3.5 2 360 540 Quantity How much will consumers pay after the tax? $2.00 O $3.00 O $3.50 O $4.00 $5.00