Here are some AP Microeconomics questions I need help with:
Question 3(Multiple Choice Worth 2 points) (03.07 MC) Use the graph to answer the question below. The quantity is measured in thousands of units. $40 MC $30 ATC AVC Price $20 P $10 6 7 Quantity Assume this firm operates in a perfectly competitive market. What will its economic profit be if it produces at the quantity of point B and charges at that price level above P? O It will earn normal or zero economic profit. It will earn negative economic profit equal to that price level multiplied by the quantity. O It will earn negative economic profit equal to the area between price level P and the price level at B. O It will earn positive economic profit equal to the area between price level P and the price level at B. O It will earn positive economic profit equal to the area under price level P and that output quantity.Question 11(Multiple Choice Worth 2 points) (03.07 MC) Which of the following accurately describes the minimum point of the average total cost curve for a perfectly competitive firm? Assume that it is earning positive economic profit. O The intersection of the average total cost curve and the average variable cost curve O The profit-maximizing point of production O The intersection of the average total cost curve and the marginal cost curve O The point at which demand changes from its elastic to inelastic range O The point at which marginal cost equals marginal revenueQuestion 14(Multiple Choice Worth 2 points) (03.02 MC) A firm's total cost at 10 units of production is $200, and its variable cost is $150. What would this firm's fixed cost be at 0 units? O $0 O $1.50 O $50 O $150 O $200Question 15(Multiple Choice Worth 2 points) (03.06 MC) The graph below shows the marginal revenue, marginal cost, and average total cost at different quantities for a firm in a perfectly competitive market. MC $50 - ATC $40 AVC Price $30 $20 $10 5 10 15 20 25 Quantity At what market price would a firm continue to operate in the short run but leave the market in the long run? O $1-$10 O $11-$20 O $21-$40 O $41-$50 O Above $50