Question 1 In the short run: O the number of firms is fixed. O firms will enter the market is there are profits being made. O firms will leave the industry if they are not making enough profit. O all factors of production are variable.Question 2 If the toy-making firm in the table faces a market price of $20 in the short run, it should: Costs for Toy-Making Firm ATC AVC AFC MC 0 8 93.75 31.25 62.50 31.25 17 58.82 29.41 29.41 27.78 27 46.30 27.78 18.52 25.00 40 37.50 25.00 12.50 19.23 54 32.41 23.15 9.26 17.86 66 30.30 22.73 7.58 20.83 76 29.61 23.03 6.58 25.00 84 29.76 23.81 5.95 31.25 91 30.22 24.73 5.49 35.71 96 31.25 26.04 5.21 50.00 O produce 8 toys. O produce 54 toys. O shut down. O produce 76 toys.Question 3 2 pts Which of the answer choices lists market structures in order from the highest number of sellers to the lowest? 0 oligopoly, perfect competition, monopoly, monopolistic competition 0 monopoly, oligopoly, monopolistic competition, perfect competition 0 monopoly, monopolistic competition, perfect competition, oligopoly 0 perfect competition, monopolistic competition, oligopoly, monopoly Question 4 Firms in all market structures experience some type of control over price, EXCEPT firms whose market structure is a(n): O monopoly. O oligopoly. O perfect competition. O monopolistic competition.Question 5 Corn is a perfectly competitive commodity. In the marketplace, the demand curve for corn is: O perfectly inelastic. O downward sloping. O upward sloping. O perfectly elastic. Question 6 2 pts A perfectly competitive firm has total revenues equal to $360 when it produces forty units. What is the marginal revenue for the forty-first unit? O $9 O $361 O $8.88 O $360Question 7 Among perfectly competitive firms, profit maximizing will always operate where: O MCMRQuestion 8 2 pts Which sequence describes the long-run adjustment process in a competitive market when firms are experiencing short-run economic losses? O some firms exit, industry supply decreases, market price falls O some firms exit, industry supply decreases, market price rises O market price falls, some firms exit, industry supply falls O market price rises, some firms exit, industry demand decreases, market price fallsQuestion 9 2 pts Short-run and long-run supply curves with short-run market equilibrium at points A and B are shown in the graph. We can conclude that the industry in the graph is a(n): 1,000 900 - 800 92 700 600 500 SLR B 400 300 200 100 0 100 200 300 400 500 600 700 800 900 Output O market in long-run disequilibrium. O constant cost industry. O increasing cost industry. O decreasing cost industry.Question 10 When perfectly competitive rm X sells three units of product 2, its marginal revenue is $4.61 When it sells one hundred units, marginal revenue is $4.67. We can conclude that the price is: O dropping 0 too high. C) $4.67 0 price can not be calculated with information given. Question 11 2 pts The figure depicts the short run cost curves for a firm in a perfectly competitive industry. In the long run equilibrium, the market price of this product will be: ATC AVC 50 Price and Cost ($) 886 - AFC 9 12 14 20 Output O $50 O $38 O $36 O $40