output (# of cooklos Tolal product per hour) curve Quantity of input {# of workers) 22. Refer to the above figure. With regard to cookie production, what does the figure imply? (1 mark) a. diminishing marginal product of workers b. diminishing marginal cost of cookie production c. decreasing marginal cost of cookie production d. increasing marginal product of workers 23. Which production decision is a profit-maximizing firm in a competitive market most likely to take when price falls below the minimum of average variable cost? (1 mark) a. The firm will continue to produce to attempt to pay fixed costs. b. The firm will immediately stop production to minimize its losses. C. The firm will stop production as soon as it is able to pay its sunk costs. d. The firm will continue to produce in the short run but will likely exit the market in the long run. 24, In the long run all costs of a firm are variable. In this case, what is the exit criterion for a profit-maximizing firm? (1 mark) a. price is less than average total cost b. price is more than average total cost C. average revenue is greater than average fixed Cost d. average revenue is greater than marginal cost