Please check my answers if they are correct or not, if not, please state the correct answer. Thank you!

1- Total Costs / Total Quantity

A- Average Fixed Costs

B- Average Total Costs

C- Average Variable Costs

D- Average Costs rise when

Answer: B

2- Costs that do change as the firm alters the quantity of output produced. ex: raw materials, labor wages

A- Fixed Costs

B- Variable Costs

C- Implicit Costs

D- Marginal Costs

Answer: B

3- Occurs when long- run Average Total Cost rises as quantity (output) increase. (right graph)

A- Diseconomies of Scale

B- Economics of Scale

C- Fixed Costs

D- Constant Returns to Scale

Answer: A

4- -The lowest part on a ATC graph, point where MC and ATC cross

-The quantity that minimizes average total cost.

A- Efficient Scale/ Firm

B- Diseconomies of Scale

C- Economics of Scale

D- Cost of Production

Answer: A

5- - P = AR= MR

-for P, producers maximize when P = MC

-if P > MC, firm can add profit by producing more

-if P

A- Profit area on graph

B-Profit-maximizing output

C-Perfect competition

D- Long run production (P=AC)

Answer: B

6- - Some resources used in production may be available only in limited quantities

-Firms may have different costs

A- What are the conditions for a competitive market?

B- What does the short run (fixed firms) supply curve look like?

C- Why might the long run supply curve slope upward?

D- What is the exit price?

Answer: A

7- P > MC

A- Monopoly Equilibrium Formula:

B- Monopoly Equilibrium Quantity Formula:

C- Monopolist Profit Formula:

D- Monopoly Characteristics:

Answer: C

8- MR can possibly be negative

A- If the Price effect is Greater than Output effect:

B- Single Price Monopoly Graph:

C- Perfect Price Discrimination Graph:

D- What is Price Discrimination?

Answer: D

9- Lower Price from all units sold = MR < P

A- To sell at a Larger Q, Monopoly must:

B- When Q is raised, Revenue (MR) either:

C- Price Discrimination is defined by:

D- Perfect Price Discrimination Graph:

Answer: A

10- Consumer Surplus from new products

A- Products Firms Sell (MC/PC):

B- The Business Stealing externality:

C- The Product variety externality:

D- Monopolistic Competition and Welfare:

Answer: D