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1. 2. firm that generates zero economic profit usually has Negative business profit b. Zero business profit c. Positive business profit d. Business profit equal to half the total revenue Does a competitive long-run equilibrium require cost-minimization? . Yes, if firms fail to be as efficient as their competitors, they are driven out of the market No, in the long run fems make sero profits c. Yes, if they didn't even less efficient firms would enter the market d. No, because competition ensures their survival 3. Which of the following characteries long run equilibrium in perfect competition? PMC ATC PMCCATC P>MC=ATC d. PMCATC b 4 You enter a store to buy a bottle of soda. Do you usually receive consumer surplus? a. Yes, since you wouldn't buy the soda is the cost was more than your willingness to pay b. No, because you value other drinks more Yes, because you are thirsty d. No, because you have less money after the transaction S. Which of the following desirable traits are associated with the perfect competition long ron equilibrium? a. Consumer surplus is maximized b. Producer surplus is maximized C. Dead weight loss is equal to zero d. All of the above 6. Producer surplus is equal to a. The area under the supply curve b. The difference between price and average cost of all units sold c. The difference between price and marginal cost for all units sold d. The firm's profit when fixed costs exist 7 Which of the following is the short run criteria for firm profit maximization? PEACV b. PMC C. PEAC d. P>MC 8. Economists claim that measuring society's welfare as CS PS Is inappropriate since ultimately everyone is a consumer b. is valid only when the same person could be either a consumer or a producer 3. a. c. Treats the gains of consumers and producers equally d. Is not commonly accepted. 9. If a market produces a level of output that exceeds the competitive equilibrium a. Social Welfare will be higher b. Producer surplus will be higher c. Marginal cost will exceed price d. All of the above 10. Deadweight loss occurs when a. Producer surplus is greater than consumer surplus b. The maximum level of total welfare is not achieved