Kindly Assist me with the multiple choice. Only answers is fines. no explanation necessary

Question 8

Which of the following is true of both perfectly competitive and monopolistically competitive firms?

A) Both earn only a normal profit in the long run

B) Both sell a homogeneous product

C) Both set price equal to marginal cost

D) Both face slightly downward sloping demand curves

Question 9

Firms in a monopolistically competitive industry

A) May earn above normal profits in the short run

B) face a horizontal demand curve

C) Have a large control over price

D) May earn above normal profits in the long run

Question 10

Monopolistic competition is characterized by

A) many firms selling differentiated products

B) few firms selling differentiated products

C) Few firms selling identical products

D) many firms selling identical products

Question 11

Consider the four criteria used to describe market structure. For which of the criteria do perfect competition and monopolistic competition differ?

A) Product differentiation

B) Number and size distribution of buyers

C) Conditions of entry and exit

D) Number and size distribution of sellers

Question 12

Compared to perfect competition, with a monopoly

A) price and output are less

B) price is greater and output is less

C) price is less and output is greater

D) price and output are greater

Question 13

A firm in long run perfect competition is charging $5.00 for its product. Its long run average Total cost is ATC = 50 - 6Q + 0.2Q2 (Fifty minus six Q plus 0.2 Q squared), how much output should the firm produce?

A) 10

B) 25

C) 5

D) 15

Question 14

A monopolist demand function is given by P = 80 - 4Q (Eighty minus four Q). Its total costs is given by TC = 10Q + Q2 (Ten Q plus Q squared). How much profit is the monopolist making?

A) 200

B) 120

C) 245

D) 300

Question 15

In a monopolistically competitive market in the long run, the demand function is given as P = 5.00 - 0.002Q ( Five minus zero point zero zero two Q) and Average Total Costs are given by ATC = 6.00 - 0.004Q + 0.000001Q2 ( six minus zero point zero zero four Q plus zero point zero zero zero zero zero one Q squared ) what price should be charged?

A) $3.00

B) None of the above

C) $2.00

D) $1.00