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Question 40 2.5 points Save Ans Assume that Australia and New Zealand can switch between producing coal and producing milk at a constant rate. The following table shows the tons of coal or the tons of milk each country can produce in one year. output produced in one year tons of coal tons of milk Australia 500 million 2 million New Zealand 300 million 4 million Which of the following is a plausible trading outcome between the two countries? O New Zealand exports milk and imports coal at a rate of 100 tons of coal for 1 ton of milk. O Australia exports milk and imports coal at a rate of 300 tons of coal for 1 ton of milk. O New Zealand exports milk and imports coal at a rate of 300 tons of coal for 1 ton of milk. O Australia exports milk and imports coal at a rate of 100 tons of coal for 1 ton of milk.Qphstlon 39 2.5 points Save Ansv France is an importer of ceiling fans at the world price of $50 per ceiling fan. Suppose the French government imposes a $20 tariff on ceiling fans. which ofthe following outcomes could be possible? 0 Total surplus in the French ceiling fans market increases. More foreignproduced ceiling fans are sold in France. More French-produced ceiling fans are sold in France. French consumers of ceiling fans become better off. 000 Question 38 Suppose that a firm in a competitive industry has the following cost functions: Total Cost: TC = 100+ q2 Marginal Cost: MC = 2q If the price of the good is $200, what is the firm's profit in the short-run equilibrium? O 1000 O 6400 O 3200 O 9900Question 37 In a perfectly competitive market, if a firm chooses how much to produce in order to maximize profits but makes zero profits, it MUST exit the market in the long run. be at the long-run equilibrium. have high fixed costs. be producing at the efficient scale.Question 35 2.5 points Save Answer Consider a market with two rms producing the same product. Each has a constant marginal cost of 10 dollars to produce the good. and no xed costs. The market demand curve is given by P = 1000 20. Suppose that each rm simultaneously sets a price at which to sell the good. and then customers decide who to buy from and how much to buy. Assume that customers will always purchase from whichever rm charges the lowest price. Therefore whichever rm charges the lower price gets the entire market demand at that price. Recall that a Na sh equilibrium is a situation in which each firm chooses their best strategy.r given the strategy that the other rm has chosen. so neither rm has an incentive to change their action. There is a unique Nash equilibrium of this duopolyr game in which each rm sets the same price. What price does each rm set in the Nash equilibrium? OS 15 .5 0 000 8 Question 35 If a monopolistically competitive firm is selling at a price below average total cost it is experiencing O positive economic profits O zero economic profits O cannot be determined. O negative economic profitsQuestion 34 Negative externalities lead markets to produce: efficient output levels and positive externalities lead markets to produce greater than efficient output levels. smaller than efficient output levels and positive externalities lead markets to produce greater than efficient output levels. greater than efficient output levels and positive externalities lead markets to produce efficient output levels. O greater than efficient output levels and positive externalities lead markets to produce smaller than efficient output levels.Question 33 In the long run, a firm operating in a monopolistically competitive market O produces an output level where price is greater than average total cost. O produces an output level where price is equal to marginal cost. O must earn zero economic profits. O is equivalent to a monopolyQuestion 32 The law of supply states that, other things equal, when the price of a good O falls, the quantity supplied of the good rises. O rises, the supply of the good falls. O rises, the quantity supplied of the good rises. O falls, the supply of the good rises.Question 31 2.5 points Save Ans Suppose a monopolist has a demand curve that can be expressed as P=100 - Q. Monopolist's marginal revenue is given by MR=100 - 2Q. The monopolist has a constant marginal cost, and has a constant average total cost of $20. The profit-maximizing monopolist will produce an output level of 60 40 O 80