Need help on this one here!!

4. Which of the following is not necessarily a characteristic of perfect competition? a. extensive advertising b. a large number of buyers and sellers c. an identical product across firms in the industry d. freedom of entry and exit in the long run 5. Last year Bill Bailey quit his $20,000 per year job and invested $200,000 to open the Bargain Bonanzas. This year he sold for $600,000 merchandise he bought for $400,000. He paid his sales clerks $50,000. Bill could have earned 10 percent interest on other investments. This year, Bill's: a. accounting and economic profit were both $150,000 b. economic loss was $70,000 c. economic profit was $1 10,000 d. economic profit was $220,000 less than his accounting profit N Exhibit 0127 Dollars per unit MC $40 - - 36 32 28 ATC. LMF 24 20 AVC 16 12 A 100 150 - Q 200 250 8. In Exhibit 0127, a firm can sell all it wants at the market price of $28/unit. At the profit maximizing output level, the firm represented in Exhibit 0127 experiences a. a loss of $3,200 b. a profit of $1,600 c. a profit of $1,200 d. zero profit or loss e. a loss of $800