q.13 If a competitive firm's marginal cost is MC = 55 + q and market price is $50, what is the profit maximising level of output?

Group of answer choices

105

0

None of the other answers is correct

5

20

q14.Which statements about the short-run are true?

I. Marginal cost intersects the minimum of average variable cost.

II. Average fixed cost is always declining as the quantity increases.

III. Marginal cost intersects the average fixed cost at the maximum of the average fixed cost.

Group of answer choices

None of the other answers is correct

only III is true

only II and III are true

only I and II are true

only I is true

q.15Which statements about perfectly competitive firms are correct?

I. In the long run in a constant-cost industry, firms have an upward-sloping supply curve and the industry supply curve is perfectly inelastic.

II. In the long run all costs are variable.

III. In the long run in a constant-cost industry, firms have an upward-sloping supply curve and the long-run industry supply curve is horizontal.

Group of answer choices

only I is true

None of the other answers is correct.

only II is true

only II and III are true

I, II, and III are true