Question 21 (4 marks) The perfectly competitive firm represented in Table 1.3 will produce a profit maximising quantity of... Table 1.3 Quantity Price Total Cost $500 $400 $450 $650 $400 $950 $350 $1,300 $300 $1,700 a. 1 b. 3 C. 4 d. 5 Question 22 (4 marks) In Figure 1.6, the total deadweight loss is represented by the area... Figure 1.6 ATC Price or Cost (per mig Deman H Quantity (per unit of time) a. BDKJ b. CDFE C. ABGHE d. ABDCQuestion 23 (4 marks) The kinked oligopoly demand curve does NOT describe the demand curve for monopolistic competition because in monopolistically competitive markets... a. Firms are not as interdependent as oligopolistic firms. b. Firms have no market power. c. There is not as much product differentiation as in oligopoly. d. There is no non-price competition. Question 24 (4 marks) Table 1.4 represents a monopoly. The firm will earn a profit equal to... Table 1.4 Demand Data Price Quantity Cost Data Output Total Cost 6 $48 $10 $52 59 S $8 9 563 10 10 STO a. $18. b. $70. C. $72. d. -$12.Question 25 (4 marks) Figure 1.7 represents an oligopoly firm. The existing price and quantity are $10 and 2000 units. The firm's demand curve will be... Figure 1.7 DI 10 PRICE (S) QUANTITY a. D. ED1 b. D2ED2 C. DIED2 d. D2ED1