Pearson Access X Econ 1001 Final Exam Spring 20 X Course Hero X G The figure to the right represents x + X > C A mylab.pearson.com/Student/PlayerTest.aspx?testId=249366737 Economics 1001 - Section 5 - Online - Speicher Kyla Rose 05/11/23 2:52 PM E Test: Econ 1001 Final Exam Spring 2023 Question 23 of 35 This test: 200 point(s) possible This question: 6 point(s) possible Submit test Question list K The figure to the right represents the cost structure for a perfectly competitive firm with its MC ATC @ average total cost (ATC) curve, average variable (AVC) curve, and marginal cost (MC) 30.00- curve. Fixed costs are $50.00. 28.00- 26.00- O Question 18 Suppose the market price is $15.00 per unit. AVC Characterize the firm's profit. O Question 19 If the firm produces output, then it will Price and cost Should the firm instead shut down in the short run? O Question 20 In the short run, the firm should O A. shut down because price is less than average total cost. O Question 21 O B. shut down because price is greater than average variable cost. O C. continue to produce because price is greater than average fixed cost. 0 2 5 6 O D. shut down because price is less than fixed costs. Quantity O Question 22 O E. continue to produce because price is greater than average variable cost. Question 23 Next OM B OR CC May 11 1:52 6