Moodle X ( 7 X C @ B Q B Py AVC D 0 ABC K Q To maximize profits, the firm whose data is shown in the graph should produce the quantity Select one: O a. OA. O b. OB. O c. OC. Od. OK. Time left 1:47:12Moodle X Question 26 Not yet answered Marked out of 2 P Flag question Assume that the market for corn is purely competitive. Currently, firms growing corn are suffering economic losses. In the long run, we can expect Select one: O a. new firms to enter, causing the market price of corn to fall. O b. new firms to enter, causing the market price of corn to rise. O c. some firms to exit, causing the market price of com to fall. O d. some firms to exit, causing the market price of corn to rise, Quiz navigationMoodle X ( ) X C O B Q B MC ATC Price MR Q Q Q Quantity If the competitive firm depicted in this diagram produces output Q, it will Select one: O a. suffer an economic loss. O b. earn a normal profit. O c. earn an economic profit. O d. achieve productive efficiency but not allocating efficiency. 1:45:10Question 29 Not yet answered Marked out of 2. P Flag question Productive efficiency refers to Select one: O a. cost minimization, where P = minimum ATC. O b. production at a level where P = MC. O c. maximizing profits by producing where MR = MC. O d. setting TR = TC. page Quiz navigationMoodle X Question 23 Not yet answered Marked out of 2 P Flag question Output Average Variable Cost Average Total Cost Marginal Cost 10 $5.00 $15.00 12 4.00 13.00 11.50 14 4.75 6 5.75 9.00 9 16 9.00 12.00 14 20 The accompanying table shows cost data for a firm that is selling in a purely competitive market. If the price of the product is $6, what output level will the firm produce? Select one: Oa. 0 Ob. 12 O c. 14 Od. 16Moodle + 7 X Question 24 Not yet answered Marked out of 2 P Flag question The short-run supply curve for a competitive firm is the Select one: O a. entire MC curve. O b. segment of the MC curve lying below the AVC curve. O c. segment of the MC curve lying above the AVC curve. O d. segment of the AVC curve lying to the right of the MC curve. Quiz navigation 25 16 18 19 20 15 17 19 45Moodle X MC ATC AVC 10 V U N 0 At which of the following prices will the firm shown in the accompanying graph make an economic profit? Select one: O a. $2 Ob. $5 Oc. $7 Od. $10 Time left 1:46:01Moodle X output AFC AVC AIC 1 $300 $100 $400 $100 2 150 75 225 50 w 100 70 170 60 4 75 73 148 80 5 60 80 140 110 6 50 90 140 148 103 146 180 43 119 156 230 8 38 138 171 290 9 33 360 160 190 30 The accompanying table shows cost data for a firm that is selling in a purely competitive market. If the market price for the firm's product is $180, the competitive firm will produce Select one: O a. 5 units and earn economic profits of $ 900. O b. 6 units and earn economic profits of $ 800. O c. 7 units and earn economic profits of $238. O d. 8 unjts and earn economic profits of $278. oft 1:46:40odle Question 27 Not yet answered Marked out of 2 P Flag question The difference between the maximum price a consumer is willing to pay for a product and the actual price the consumer pays is Select one: O a. allocation efficiency. O b. productive efficiency. O c. the consumer surplus. O d. the producer surplus. Quiz navigationbodie X Question 28 Not yet answered Marked out of 2 P Flag question Competitive firms will always try to earn more than a normal profit by doing the following except Select one: O a. adopting better production technology. O b, improving their business organization and operation. O c developing new products. O d. raising the prices of their existing products. Next page Quiz navigation 20 21 22 23 24 25 13 14 15 16 17 18 19 12 38 39 40 41 42 43 4 45 46 4748 49 30