Question 2 3 pts Marginal Revenue is the change in total revenue v ' divided by change in quantity v , which represents the change in l [53'9\"] Vl that results from the [ Select] V' Question 3 2 pts The prot maximizing rule states that a rm maximizes prot at a point where equals Question 4 Why is the demand curve perfectly elastic for a rm in a perfectly competitive market? Question 5 The graph below is for a Competitive Firm. Use the graph to answer Questions 5 & 6. 120 8 8 8 3 8 8 8 3 COST 20 30 40 50 OUTPUT Match the numbers by each curve to their correct label. [ Choose ] 2 [ Choose ] 3 [ Choose ] 4 [ Choose ]Question 6 2 pts At long-run competitive equilibrium P = MR = MC = SRATCmin = LRATCmin O True O False Question 7 2 pts This figure below is Long-run Industry Supply. What type of cost industry is shown? So 51 PRICE -SLR Do D1 OUTPUT O Increasing Cost Industry O Decreasing Cost Industry O Constant Cost IndustryQuestion 8 This Competitive Firm [ Select ] earning profits. They [ Select ] at the shut-down point because the AVC is [ Select ] the MR curve. 120 110 100 90 COST 20 30 40 50 60 OUTPUTQuestion 9 3 pts Below is a competitive rm earning prot. The average total cost, average variable cost, marginal cost. and marginal revenue curves are shown in the graph provided. '12]! 1 l I 11:: mo so no '5 70 8 an 50 40 M an 29 30 40 so an _____ OUTPUT How much is this rm earning in prot? (Find the area of the virtual rectangle or use the Prot Equation from the lecture)