Question 11 (1 point) What is happening when marginal cost is less than average total cost? 0 Marginal cost must be falling. 0 Average variable cost must be falling. 0 Average total cost must be falling. O Marginal cost must be rising. Question 12 (1 point) Figure 13-5 The curves in this figure reflect information about the average total cost, average fixed cost, average variable cost, and marginal cost for a firm. Cost ($) D Quantity of Output Refer to Figure 13-5. Which of the curves is most likely to represent average fixed cost?Refer to Figure 13-5. Which of the curves is most likely to represent average fixed cost? A O B O C O DQuestion 13 (1 point) Figure 14-2 MC ATC MR C Refer to Figure 14-2. What is this firm making? a loss equal to the area P XBC O a profit equal to the area BCOQ* O a profit equail to the area P*XBC O a loss equal to the area P*XoQ*Question 14 (1 point) Figure 15-4 The figure below reflects the cost and revenue structure for a monopoly firm. Cost and Revenue ($) Curve C Curve D P3 P2 P1 Po X QuantityRefer to Figure 15-4. If the monopoly firm is currently producing Q3 units of output, what will a decrease in output necessarily cause profit to do? 0 decrease O remain unchanged 0 increase as long as the new level of output is at least Q1 0 increase as long as the new level of output is at least Q2