Question 19 (1 point) Which of the following equations is TRUE at the profit maximizing output level for a firm in a perfectly competitive market? O Marginal Cost = Marginal Revenue O Price = Marginal Revenue O Marginal Cost = Price O All of the above Question 20 (1 point) WhatsApp is a leader in the market for instant messaging applications. Most instant messaging applications, including WhatsApp, require that both message senders and receivers are using the same app. Which of the following factors best explains the source of market power for instant messaging apps like WhatsApp? O Copyright protection O Network externalities O Economies of scale O Control of natural resourcesQuestion 16 (1 point) 32 30 28 26 ATC $ per unit HAVE 0 0.5 1 15 2 2.5 3 3.5 4 4.5 5 5.5 6 6.5 7 Quantity of Output (q) Consider the cost curves of a firm in a perfectly competitive market shown above. Suppose all firms in this industry face the same costs. If originally the market price is $18. Which of the following accurately describes the transition to long run equilibrium? Firms will exit this industry and the market price will increase New firms will enter this industry and the market price will decrease New firms will enter this industry and the market price will increase Firms will exit this industry and the market price will decrease Question 17 (1 point) Markets can supply the efficient quantity of a good only if: It's a private or artificially scarce good It's a private or public good It's a private good or a common resource It's a private goodQuestion '13 {1 point] \"\"m'm 0* \"um" meanings Aisha's Total Benet Sara's Total Benefit per month Aisha and Sara are roommates who both benefit from having their room cleaned by a cleaning service. The table shows the relationship between the number of times the room is cleaned per month and the total benefit theriir get The marginal cost of each room cleaning is $15. What is the efficient number of room cleanings per week that maximizes total surplus? Question 19 {1 point] Which of the following equations is TRUE at the profit maximizing output level for a firm in a perfectlv competitive market? 0 Marginal Cost = Marginal Revenue 0 Price = Marginal Revenue 0 Marginal Cost = Price 0 All of the above