please follow the number and choose one answer

Question 25 2.5 points Save Answe The market price in a given industry is $30. The industry is characterized by perfect competition. If a firm has a marginal cost curve given by MC = 2 + 1:Q, at what quantity does the firm maximize profit? 84 38 80 0 92Question 23 2.5 points Save Answer Wrigley makes Juicy Fruit gum by the pack. Currently, they sell 300 packs of Juicy Fruit per day. Their revenue per day is $225 and the marginal cost of producing a pack of Juicy Fruit is constant at $1. In order to maximize profits, Wrigley should O make more than 300 packs. O continue to make 300 packs. O make less than 300 packs. exit the market.QEstin-n 22 The demand curve for guitars is given by Pd =1SD - 50d and supply for guitars is given by P5 = 6 + Q5. What is total surplus at equilibrium? 0288 3.456 O O 1.?23 C) 1.440 Question 26 Which of the below will occur if existing firms are earning positive economic profits in a competitive market? O The short run market supply curve shifts to the left. O Entry will stop once firms' are earning negative economic profits. Existing firms will exit. O The market price will fall.Question 27 2.5 points Save Two firms are considering going out of business and selling their assets. Each considers what happens if the other goes out of business. The payoff matrix below shows the net gain or loss to each firm. Firm A Stays in business Sells business Firm B Stays in business A gains $90 million A gains $70 million B gains $70 million B gains $40 million Sells business A gains $40 million A gains $10 million B gains $80 million B gains $30 million Refer to Table. The dominant strategy for both firms is to stay in business causing a $70 million gain for firm B at the Nash equilibrium. for both firms is to not stay in business causing a $10 million gain for firm A at the Nash equilibrium. for firm A is to stay in business and there is no dominant strategy for firm B causing a $80 million gain for firm B. for firm B is to not stay in business and there is no dominant strategy for firm A causing a $40 million gain for firm A at the Nash equilibrium.Question 29 2.5 points Save Answer In a small remote town, Bob sells caviar and nobody else does within 200 miles. We can call Bob a monopolist. If Bob tries to maximize profit, and faces a downward- sloping market demand curve, his O marginal revenue is greater than the price of the caviar. O marginal revenue is less than the price of the caviar average revenue is less than the price of the caviar. O O average revenue is less than marginal revenue.Question 30 2.5 points Save Ans Airline is a monopolistically competitive market with different name brands such as United Airline, JetBlue, Virgin Airline, etc. If United Airline succeeds in using advertisements to decrease the elasticity of demand for its flights, United Airline will increase its markup over marginal cost. reduce its average total cost. O increase the welfare of society. O have to reduce price to remain competitive