Question 41 41. Here are three statements, each of which may be true or false. Choose the correct statement(s). (Choose one or more.) The same phenomenon could cause both a negative externality for one group of people and a positive externality for another group. Economists distinguish between pecuniary and non-pecuniary externalities. Generally speaking, most discussion of externalities is about unintentional externalities. OB Question 42 1 pts 42. Here are four out production in the short and long run. Production In the short run, some but not all factors of production are variable. Entry into arket take place in the long run. Choose the correct option from the list below. A Only I and II are true. Only Ill and IV are true. C Only 1. Ill, and IV are true. Only It. Ill, and IV are true. Al four statements are true. OA OC OD Question 43 1 pts 43. As output increases, average fixed cost falls average fixed cost is unchanged average fixed cost rises OB OC Question 44 1 pts 44. A sunk cost is a cost that once incurred can never be recovered only be recovered in the long run OB OA Question 45 1 pts 45. Here are four statements about revenue, costs. and profit. Which statement(s) is (are) TRUE? (Choose one or more.) If a firm earns revenue greater than explicit cost, it earns an accounting profit. If a firm earns revenue greater than opportunity cost, it earns an economic profit. C Accounting profit can exceed economic profit D Economic profit can exceed accounting profit. OC OD D B Question 46 1 pts 46. At all levels of output where marginal cost is below average variable cost, average variable cost is falling average total cost is falling Choose the correct option from the list below. Both statements are false. B Only I is true. C Only ll is true. D Both statements are true. OD OC Question 47 1 pts 47. At all levels of output where ma average variable cost is rising average total cost is falling average total cost is rising IV average total cost falls and then rises Choose the correct option from the list below. Only I and ll are true. Only I and Ill are true. C Only I and IV are true. D Only IV is true. OA OC OD Question 48 1 pts 48. The demand curve facing a competitive firm A falls from left to right is horizontal C rises from left to right OA OB Question 49 1 pts 49. The demand curve facing a competitive industry A falls from left to right is horizontal C rises from left to right OC DA Question 50 1 pts 50. The short-run supply cur horizontal sum of the short- competitive firms vertical sum of the short-run supply curves of all competitive firms