please answer each multiple choice and justify your answer

10. Assume that a profit-maximiaing, perfectly competitive farm has ecomomice losses en the sort run. If the firms cuntinuckto prostice and sell its goods, then which of the following must 14. If the pruduction of gocid X crtates a ponitive be true? externality, then from Mociety's peripouve. itse industry that produces pood x tends to peiduce. (A). The firm is covering all of its fixed and (A) less than the socially optimal armount of variable costs of production. (B) The firm is covering all of its fixed costs bus (B) greater tham the socially optimal amsiunt not all of its variable costs of production. (C) The fitm is covering all of its variable costs (C) the socially optimal ammoent of good X. but not all of its fixed costs of production. (D) a surplus of gocad X, unless subsidined (D) The firm is covering all of its implicit costs (B) a shortage of good X, unless aneif bet aot all of its explicit costs 15. If the goal of government regulators of a natural (E) The firm must have raised the price of its monopoly is to roduce dead weight loss whisout goods in order to minimiec its losses. subsidizing the monopolis, governmens regulators would set a price equal io 11. The demand curve for a momopolisticaily (A) average variable cost competitive firm is down ward sloping (13) averiane total cost beciuse (C) average fixed cos (A) there are a large number of firms (D) short-run marganal cost (B) the product is produced by using scarce (E) long-run marginal cos! resources (C) the products produced by different firmms 16. A productian possabilities curve can sbitt inward if there.is are not identical (D) it is easy for firms to enter or exit the market (A) an increase in productivity (E) the marginal cost rises as output produced (B) an increase in unemployment iricreases (C) an increase in the price of raw rnaterial. (D) a misallocation of revoarces 12. Which of the following is true of a perfcctly (E) a natural disaster commpetitive firm in long-tun cquilibrium? 17. A country produces commputers and mce. if (A) It produces its output at minienum average resources are fully employed and there is total cost resources afe fully employed and there is technological progress only in the prodiction of (B) It carns positive cconormic profits rice, the opportumity coss of productng computers (C) If will exit the industry. and rice will change in which of the following (D) Its price exceeds matginal cost. (E) les price exceeds marginal revente. 13. Girrie theory is most commonly used for analyring the pricing behavior of firms in which murket stracture? (A) Perfect competition (B) Monopolistic coimpetition (C) Oligopoly (D) Monopoly (E) Monopsony 21. Based on the cost and output data in the table 18. In the graph above, S is the original supply curve. above, a perfectly competitive firm will shot and S1 is the supply curve including an excise tax down if price falls below The area representing the tax revenue to the (A) 530 govermment is (B) 520 (A) P1P3VT (C) 518 (D) 516 (B) P2P4RZ (E) 515 (C) P2P4XU (D) P2UQ30 22. Shelby is an entrepreneur who has decided to (E) P3VQ20 open a small advertising firm. She rents office space at a cost of $25,000 per year, she has employed an assistant at a salary of $30,000 19. Which of the following would cause the supply per year, and she incurs annual vatility and office curve for notebook computers to shift to the right? supply expenses of 520,000 . Her best alsernative (A) An increase in the price of norebook is to work elsew here and to earn a salary of computers $50,000 per year. How much annual tevenue (B) An increase in the number of firms producing must her firm receive so that Shelby eams zero notebook computers economic profit? (C) An increase in the wages of workers in the (A) 550,000 notebook-computer industry (B) 575,000 (D) A decrease in the price of notebook (C) $100,000 computers (D) 5125,000 (E) A decrease in the supply of notebook (E) $150,000 computers 20. A perfectly competitive market in equilibrium is allocatively efficient and it maximizes (A) total consumer surplus (B) total producer surplus (C) the sum of total consumer surplus and total producer surplus (D) total revenue (E) total external benefits 23. A firm produces 400 books and sells each book for $15. If the explicit cost of producing the books 24. For a perfectly competitive firm producing the is $4,500 and the implicit cost is $1,000, the profit-maximiring quantity, the average total cos firm's economic profit is is $10 and the average variable cos is $8. If the (A) 50 market price for its product is 510 , which of the (B) 5500 following is true for the firm? (C) 51,000 (A) It is sustaining a loss and should shut down (D) 51,500 (B) It is earning zero economic profit and will (E) $5,000 femain in basiness. (C) Its accounting profits exceed implicit costs. (D) It will temporarily shut down until price rises. (E) It is making an economic profit that will attract other firms to the indastry