Really need these answers in 10-15mins please

1. In long run competitive equilbrium

Group of answer choices

profits equal zero and price varies by supplier

profits equal zero and price is equal to average variable cost

profits equal zero and price is the minimum of average total cost

profits equal zero and price is indeterminate

2. In the long run

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all costs are fixed

inputs that were variable become fixed

only sunk costs matter

all costs are variable

3. When all costs are variable but costs per unit are rising you are experiencing

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shutdown conditions

diminishing returns

exit conditions

long run diseconomies of scale

4. Those things that must be foregone to acquire a good are called

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explicit costs

opportunity costs

substitutes

competitors

5. Consider a competitive market where existing firms are earning short run economic profits. If other firms enter this will

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shift the market supply curve to the left.

increase the price of the product.

increase demand for the product.

drive down profits of existing firms in the market.

6. When marginal cost lies above average cost average cost is

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falling

constant

rising

can't be determined without more information

7. How long does it take a business to move from the short run to the long run?

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six months

one year

two years

It depends on the nature of the firm.

8. Free entry means that

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there are no costs barring a firm from entering an industry

there are no regulatory barriers to prevent a firm from entering an industry

the firm's variable costs are zero

the firm's fixed costs are zero

9. Assume that flu vaccinations are produced in a competitive market. By comparing price and marginal cost, the drug company adjusts production to the level that achieves its objective, which we assume to be

Group of answer choices

maximization of profit.

minimization of variable cost.

maximization of total revenue.

minimization of average total cost

10. In the raspberry shake example, competition resulted in:

Group of answer choices

only one firm

prices charged varied widely

similar prices

laws to set prices