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Assume there are 100 companies that produce cell phones. All cell phones are black and have identical features. The graph below provides the demand curve and production costs for the cell phone industry. Price MC 650 D ATC 433 AVC 328 258 0 4 Quantity (1000s) The profit maximizing price (P) and quantity (Q) of this firm is Select one: O a. cannot be determined O b. Q=4 P=5258 O C. Q=9 P=$650 O d. Q=1 P=5433 A person starts his own business, quitting a job in which he was making $125,000 a year. He has revenues of $329,000 for the year. Expenses include $170,000 for wages to employees, $10,000 for utilities, $125,000 for materials, and $5,000 for gasoline in a car he leases for $15,000 a year. He also uses a building he owned that had produced $30,000 a year in rent. He also contributed capital to start the business which could have earned a normal rate of return is $35,000. His economic profit/loss for the year would be Select one: O a. 54,000 O b. 5(329,000) O C. S(151,000) O d. 5(186,000) Which of the following often involves positive externality Select one: a. tobacco smoking O b. drunken driving O c. water pollution d. influenza inoculation