Looking for those multiple choice homework Thank you Which of the following statements is incorrecel a. Sunk costs are imelevant when making decisions moving forward. b. Fixed costs are always greater than sunk costs, C. Fixed costs could be positive when sunk costs are zErO, d. Fixed costs do not vary with output, 10 years ago, you started a new business and carefully considered the market for your product. You invested in fixed capital and designed your operations under the expectation that the demand for your product would be 10,000 umits per month. You are currently operating in the short run producing 12,500 units of output per month as the demand for your product has unexpectedly increased recently. If you have not changed anything about your operations since you began in business and input prices have not changed: a. You must currently be hiring less capital than you need in the long run. b. Your short run total cost is higher than your minimum long run total cost. C. You are currently employing more labor that you initially anticipated. d. Your average fixed cost has gone down. e. All of the above. The marginal product of capital varies depending on how many units of a. labor are used. b. capital are used. C. labor and capital are used. d. none of the statements associated with this question are correct. Which of the following is not a requirement of a contestable market? a.There are no sunk costs for producers. b. Firms already in the market are able to quickly respond to entry of competitors by lowering their price. C. All producers have access to the same technology so specialized or patented processes do not limit entry. d. Consumers respond quickly to any changes in market prices, Suppose the marginal product of labor is 50 and the marginal product of capital is 80. If the wage rate is $25 and the price of capital is $20, then in order to minimize costs the firm should use a. more labor and less capital, b. more capital and less labor. c. two times more cupital thum labor, d. One-half as much capital as labor e. none of the staternents associated with this question are correct