Question 1 (1 point) To maximize profits, firms in a perfectly competitive market should produce where total cost exceeds marginal revenue O marginal cost equals total revenue Omarginal revenue exceeds marginal cost total revenue is maximized marginal cost exceeds marginal revenue marginal cost equals marginal revenue Question 2 (1 point) GO F 0 5 10 15 20 25 30 5 40 45 50 55 60 Quantity Refer to the graph above. When price is $40, revenue is given by area(s): OA only A and B only A, B, and D only A, B, C, D, and EQuestion 3 (1 point) Price Supply 3.651 Demand 220 010 Quantity In the market depicted above, suppose a price floor holds the price at $8.15. Calculate producer surplus for this situation. (Show your answer as a decimal - e.g. 12.1) Question 4 (1 point) The total cost of producing 25 tons of butter is $50000. If average variable cost is $560, then what is the firm's average fixed cost? (enter answer as just a number, no commas, dollar signs, or the like) Your Answer: Answer Question 5 (1 point) The distinction between supply and the quantity supplied is best made by saying that supply is represented graphically by a curve and quantity supplied as a point on that curve. O the quantity supplied is in a direct relation with prices, whereas supply is in an inverse relation. the quantity supplied is represented graphically by a curve and supply as a point on that curve. the quantity supplied is in an inverse relation with prices, whereas supply is in a direct relation.Question 6 (1 point] The concept of_ in economics denotes a coexistence and participation of multiple theoretical perspectives in the research and teaching agendas of economics. heterodoxy O consensus O monism pluralism Question 7 (1 point) Price Price X tal Quantity Price Quantity Ipi Quantity The market is for nurses. Which graph best represents the impact of an aging population requiring more medical services? OA OB OC OD