on 43 When price is greater than average total cost, profits for the firm are ret ered Oproportional to marginal costs. out of Ozero. ag question Opositive. Onegative. on 44 Which of the following correctly describes when a firm in a competitive market should shut down in the short run? ered Oprice is less than average variable cost s out of Oprice is less than average total cost ag question Oprice is greater than marginal cost Oprice is equal to marginal cost on 45 Which of the following is correct with respect to firms in a competitive market in the long-run? ret Oeconomic profits are positive out of Oprice is equal to average total costs ag question Oprice is below average total costs Oprice is equal average fixed costs on 46 A new movie is being released that you are excited to see. The personal value you receive from seeing the movie is $20. You purchase an advanced rec ticket for $10. If you lose the ticket, what is the most you should be willing to pay for a new ticket if losing the ticket does not change the value received s out of from watching the movie? O$5 ag question O$20 O$10 O$15