Please help with the following Econ questions:

QUESTION 14 2 points Save Answer A firm's economic profit includes all opportunity costs incurred by the firm O True O False QUESTION 15 2 points Save Answer Firms under perfect competition produce: O a. unique products. O b. differentiated products. O c. antique products O d. either standardized or differentiated products. O e. homogeneous products QUESTION 16 2 points Save Answer The equity capital of a privately owned firm includes: O a. the cost of raw materials. O b. economic rent only. O c. the value added at each stage of production. O d. the cost of labor resource used in production. O e. the owner's own dollars put into the firm QUESTION 17 2 points Save Answer A firm's accounting profit does not include its: O a. opportunity costs. O b. explicit costs. O c. variable costs. O d. sunk costs. O e. fixed costs. QUESTION 18 2 points Save Answer Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save and Submit 6:38 PM to search O W 3/25/2021QUESTION 18 2 points Save Answer A positive economic profit signals that the investors of a firm should divert their funds to alternative ventures. O True O False QUESTION 19 2 points Save Answer If barriers to entry exist in the market for a product, then: O a. firms will be incurring losses in both the short run and the long run. O b. the existing firms will quit the market in the long run due to mounting losses. O c. firms will tend to have relatively less monopoly power. O d. the costs of entry and exit are relatively low. O e. there will be few close substitutes of the product in the market. QUESTION 20 2 points Save Answer In economic theory, we assume that the goal of the firm is to: O a. maximize the profi O b. maximize sales revenue. O c. maximize the benefits it provides to its customers. O d. maximize market share. O e. maximize the sales volume. QUESTION 21 2 points Save Answer Graphically, a firm's profit per unit of output can be found by: O a. the distance between the horizontal axis and the average-total-cost curves at any level of output. O b. the rectangle formed under the average-total-cost curve at a given ATC and quantity combination. O c. the triangle formed under the demand curve. O d. the rectangle formed under the demand curve at a given price and quantity combination. O e. the distance between the demand and average-total-cost curves at any level of output. Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save and Submit to search O Ei W 6:39 PM 3/25/2021QUESTION 22 2 points Save Answer A(n) _ may offer products that are either differentiated or identical. O a. monopolistically competitive firm O b. oligopolistic firm O c. monopsonist O d. perfectly competitive firm O e. monopolist QUESTION 23 2 points Save Answer A firm maximizes its profit at a level of output, where the additional revenue earned by selling an extra unit of the output is equal to the additional cost borne for producing that extra unit of the output. O True O False QUESTION 24 2 points Save Answer Irrespective of the market structure, a firm maximizes profit at the level of output where the price of its product equals its marginal cost. O True O False QUESTION 25 2 points Save Answer If a profit-maximizing, perfectly competitive firm is producing at a loss in the short run, then it implies that: O a. marginal revenue must be less than marginal cost. O b. the average revenue curve must lie below the average variable cost curve but above the average fixed cost curve. O c. price must be less than the average variable cost. O d. price must be less than average total cost but greater than average variable cost. O e. price must be less than both average variable cost and average fixed cost QUESTION 26 2 points Save Answer The figure given below shows the revenue and cost curves of a perfectly competitive firm. Figure 10.5 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save and Submit 6:39 PM re to search O W 3/25/2021QUESTION 26 2 points Save Answer The figure given below shows the revenue and cost curves of a perfectly competitive firm. Figure 10.5 Price 21 Quantity MC: Marginal cost curve MR: Marginal revenue curve. ATC: Average-total-cost curve AVC: Average-variable-cost curve Assume the price facing the firm in Figure 10.5 is P1. Which of the following statements is true? O a. The firm's total revenue is more than sufficient to cover its variable costs, so it should remain in operation. O b. Total cost for the firm is area OP 1 EQ1. O c. The firm should shut down because price per unit received is less than average total cost. O d. Total revenue for the firm is area OBDQ1. O e. The firm should produce Q2- QUESTION 27 2 points Save Answer A firm's break-even price is the price that is just equal to the minimum point of the AVC curve, in the short run. O True O False QUESTION 28 2 points Save Answer Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save and Submit 6:40 PM arch O W 3/25/2021QUESTION 31 2 points Save Answer If a firm in a perfectly competitive market raises its price O a. it will sell less but earn more revenue. O b. it will sell nothing O c. it will sell less or more depending on elasticity. O d. it will sell less but earn the same revenue. O e. it will sell exactly the same amount QUESTION 32 2 points Save Answer Why do the perfectly competitive firms earn only normal profits in the long run? O a. Firms produce identical products O b. Entry or exit is barred O c. Aggregate demand remains constant O d. A large number of buyers and sellers exist in the market O e. There is free entry and exit of firms QUESTION 33 2 points Save Answer The minimum point of the_ curve is called the shutdown price. O a. average -total-cost O b. average-fixed-cost O c. marginal cost O d. average-variable-cost O e. total fixed cost QUESTION 34 2 points Save Answer Which of the following statements characterizes perfect competition? O a. The firm is not free to choose the quantity that it wishes to produce. O b. Producers enjoy complete freedom of entry and exit from the industry. O c. Consumers are price makers. O d. Producers sell differentiated products. O e. Producers are price makers. QUESTION 25 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save and Submit 6:46 PM o search O W 3/25/2021 L2 points Save Answer QUESTION 35 Economic efficiency is achieved when the price of a unit of a commodity is equal to the marginal cost of producing that unit. O True O False 2 points Save Answer QUESTION 36 When a perfectly competitive firm's demand curve lies above its average total cost curve, the firm incurs an economic loss at that level of output. O True O False 2 points QUESTION 37 Save Answer The figure given below shows the revenue and cost curves of a perfectly competitive firm. Figure 10.2 Price MC 50 MR ATC 35 30 AVC 20 10 10 15 20 Quantity MC: Marginal cost curve MR: Marginal revenue curve ATC: Average-total-cost curve AVC: Average-variable-cost curve According to Figure 10.2, the break-even price of the firm is: Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save and Submit 6:47 PM to search W 3/25/2021If a firm is a price taker, then the demand curve faced by the firm is perfectly elastic. O True False QUESTION 39 2 points Save Ariswer The table given below shows the price of each unit of the product manufactured by a firm and the marginal cost of producing different units of the output. Table: 10.1 Output Price Marginal Cost $1 $1.00 $.80 $.70 $.50 $.50 S. 70 $.80 5.86 $1.00 $1.09 According to the information in Table 10.1, the marginal revenue of the firm: O a. is equal to price times output. O b. decreases with an increase in output. O c. is equal to price times marginal cost. O d. is equal to the marginal cost at each level of output. O e. is equal to $1 at all levels of the output. QUESTION 40 2 points Save Ariswer What causes the market supply curve to shift rightward? O a. Entry of new firms O b. Increase in the aggregate demand O c. Increase in the cost of production O d. Decrease in the price level O e. Decrease in the number of existing firms Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save and Submit 6:48 PM to search W 3/25/2021