The following table shows a perfectly competitive firm's total costs for different levels of production. What is the breakeven price for this firm? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a S10 b $6 c S5 Given the data provided in the table below, what will the amount of profit be for production at quantity (Q) level 7? P TC TR MR MC Profit $5 $9 $5 $10 2 $5 $12 W $5 $15 4 $5 $19 5 $5 $24 6 $5 $30 7 $5 $45 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a $0.00 b $5.00 C -$10.00 d $1.00The following shows a perfectly competitive firm's cost curves. At which of the following prices, will the firm incur losses and still remain open? Pa Pc Pd Luantity Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Pa b Py, c B Suppose that Janie's Deli has a total fixed costs of $75,000 and total variable costs of $130,000. Her total revenue is $120,000. What should Janie do? Assume Janie's Deli is a perfectly competitive firm. Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Shut down her business. b Lower her prices of products to increase her profits. Stay open because shutting down in more expensive. d Stay open because she is making positive economic profit. In the table below, what is the fixed cost when the firm is producing 5 units of output? Q N N D bR W N = O P $5 $5 $5 $5 $5 $5 $5 $5 TC $9 $10 $12 $15 $19 $24 $30 $45 TR MR MC Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a $15.00 $5.00 $9.00 $24.00 Profit Suppose that Tammy's pizzeria has a total cost of $20,000 when producing 5,000 pizzas and has a total cost of $24,000 when making 6,000 pizzas. Based on this information, we can conclude that Tammy's pizzeria is facing Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a economies of scale b constant returns to scale C diseconomies of scale d negative profits The following shows a companies short runs average cost curves for three sizes of factories and this firm's long run average cost curve. Match the following cost curves with the situations given. Average Total Cost (9) ATCo ATC, ATCc ATCq Quantity of Automobiles per day M N Quantity of Automobiles per day Drag and drop options on the right-hand side and submit. For keyboard navigation... SHOW MORE The short run average cost curve when the firm operates E ATC_B using the smallest factory The long run average cost curve for the firm ATC D The short run average cost curve when the firm operates ATC_C using the largest factory In the short run firm will experience constant returns to E ATC_A scale at this cost curveJenny runs a taco cart in a perfectly competitive market. The market price for each taco is $8.50. At her profit-maximizing quantity of tacos, the average variable cost is $8.00 and the average total cost is $8.25. What should Jenny do? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Shutdown her business in the short run but continue operation in the long run. b Shutdown her business in the long run but continue operation in the short run. Continue operation both in the short run and the long run. d Shut down operation both in the short run and the long run Suppose a perfectly competitive firm is producing 40 units of output. It has an average total cost of $6 and is earning $240 in profits in the short run. What is the price at which this firm is selling its product? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a SO b $6 c $10 d 512