Hello, need help with microeconomics. PLease do tackle the AP Test: MCQs: Module 3.5 Page 620 Questions 1-7, 3.6 Page 629 Questions 1-10, 3.7 Page 642 Questions 1-7. Also, please list the letter that best answers the question AND give a brief explanation as to why.

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Tackle the Ap Test: Multiple-Choice Questions Use the data in the table provided to answer Questions 1-3. 10 4. A firm should continue to produce in the long run if its a. total revenue is less than its total costs. Total cost Quantity Total revenue b. total revenue is greater than its total explicit costs $14 0 $0 10 sideinonq c. accounting profit is greater than its economic profit d. accounting profit is not negative. 1 18 30 36 36 e. economic profit is at least zero. 2 3 54 44 5. A firm earns a normal profit when its 4 72 56 a. accounting profit equals 0. 5 90 72 Momonitor b. economic profit is positive. 6 108 92 ile cuaug of c. total revenue equals its total costs. 7 126 116 Alogicof jeep d. accounting profit equals its economic profit. 1. What is the marginal revenue of the third unit ofonstage. economic profit equals it's total explicit and implicit output? afridioooh Destino costs. yonom lsujas to mol shame a. $8 b. $14 d. $44 Janome 6. Adherence to the principle of marginal analysis entails e. $54 Bre marl Sib yd Brew continuing activities until the c. $18 quisys add me to0 30a. total benefit exceeds the marginal benefit. 2. What is the marginal cost of the first unit of output? ilong gb. total benefit equals the total cost. a. $0 d. $18 b. $14 busiziebrc. total benefit exceeds the total cost. e. $30 c. $16 amasq twob sep15 of d. marginal benefit equals the marginal cost. e. marginal benefit exceeds the marginal cost. a. 0 3. At what level of output is profit maximized? dmun mong 7. To maximize profit, a firm should produce the quantity b. 1 C. 3 at which marginal revenue equals marginal cost unless, d. 5 in the long run, the firm would e. 7 The second column of a. earn zero economic profit. b. earn less than normal profit. c. receive a price equal to its marginal revenue. has the swoosh d. earn positive accounting profit. The fourth column e. earn positive economic profit.What will happen in a perfectly competitive industry in MODULE 3.7 response to firms earning a positive economic profit? 7. In a perfectly competitive, constant-cost industry, an a. Firms will exit the industry. DOM increase in demand leads to which of the following in b. The short-run industry supply curve will shift to the long run? the right. a. an increase in price c. The short-run industry supply curve will shift to b. an increase in the output of firms that were the left. operating when the demand increased d. Firm output will increase. c. a decrease in industry output e. Market price will increase. d. an increase in industry output e. positive profit for firms 6. In a perfectly competitive, decreasing-cost industry, the long-run industry supply curve is I.coluboM a. vertical. e. upward-sloping at b. upward-sloping.low quantities and c. horizontal. mom sno gnies downward-sloping at d. downward-sloping. high quantities. T sTackle the AP Test: Multiple-Choice Questions 1. In the long run, a perfectly competitive firm will earn 3. Compared to the short-run industry supply curve, the a. a negative market return. long-run industry supply curve will be more b. a positive profit. a. elastic. d. profitable. c. a loss. b. inelastic. e. accurate. d. a normal profit. c. steeply sloped. e. excess profit. 4. Which of the following is generally true in a perfectly 2. With perfect competition, productive efficiency is competitive industry? generally attained in a. the short run but not the long run. upswith your a. A firm's supply curve lies above its marginal cost curve b. the long run but not the short run. b. Firms have fixed costs in the long run. c. both the short run and the long run. c. The short-run market equilibrium is efficient if firms d. neither the short run nor the long run. earn a positive profit. e. specific firms only. d. Firms face barriers to entry into the industry. e. Firms maximize profit at the output level at which P = MC. 642 Micro . Unit 3 Production Costs, Profit, and Perfect Competition5. What is the firm's profit if the price of its product is $5 7. The firm's total revenue is equal to a. $14. and it produces 500 units of output at a total cost of b. $20. $1,000? c. $560. a. $5,000 d. -$1,500 d. $750. b. $2,500 e. -$2, 500 e. $1,000. c. $1,500 6. If a firm produces a quantity at which P = ATC, it will 8. The firm's total cost is equal to a. $14. certainly b. $15 a. incur a loss. b. break even. c. $560. c. have a downward-sloping demand curve. d. $750. d. maximize its profit. e. $1,000. e. earn a profit, but it may or may not maximize its profit. 9. The firm is earning a For Questions 7-9, refer to the graph provided, and assume that the a. profit equal to $5. firm produces the profit-maximizing quantity. b. profit equal to $250. c. loss equal to $15. Market Price = $20 d. loss equal to $750. Price, cost of bushel e. loss equal to $250. 10. If the price is between the AVC and the ATC, by MC producing, the firm will certainly cover a. neither its fixed cost nor its variable cost. m b. all of its fixed cost but only some of its variable cost $20 MR = D = AR = P ATC c. all of its variable cost but only some of its fixed cost ::...... . . d. both its fixed cost and its variable cost. e. its total cost and its economic profit. 0 10 20 30 40 50 60 70 Quantity of tomatoes (bushels)Tackle the AP Test: Multiple-Choice Questions 1. A perfectly competitive firm will maximize profit at the 3. A firm is profitable if quantity at which the firm's marginal revenue equals a. TR MC. firm? 4. If a firm has a total cost of $200, its profit-maximizing a. The market demand curve is horizontal. level of output is 10 units, and it is breaking even (that b. The firm can increase its profit by charging a higher is, earning a normal profit), what is the market price? price than other firms. a. $200 c. The firm charges a price that exceeds the marginal b. $100 revenue. c. $20 d. The firm's marginal revenue curve is also its demand d. $10 curve. e. $2 e. To maximize profit, the firm sets its price above its marginal cost. maybegmod baghe That deModule 3.6 Review 629