These questions are based off of the graphs. I need the answers for the questions asked.

In 2020SP ECO 251 970IN: Chapter x 5 Activity 43-2.pdf X *Homework Help - Q&A from Onl x + X C @ File | C:/Users/Caroline/Downloads/Activity%2043-2.pdf Activity 43-2.pdf 1/1 A Quick Review of Perfect Competition and Monopoly Monopoly Graph Perfect Competition Graph ATC Dollars Do Dollars AVC Demand = MR Demand MP LM B Quantity Quantity These questions are based on the graphs above. Circle the letter of each correct answer, 1. A monopoly firm will maximize profits at what price? a, QA b, OB . OC d. OG 2. Economic profits for the monopoly firm are represented by the area of which rectangle? a. OCGE b. OAJE C. AJHB d. BAJN 3. Total costs for the monopoly firm are represented by the area of which rectangle? a, BKLO b. CGEO C. AJEO d. BHEC The total revenue for the monopoly firm is represented by the area of which rectangle? a. OCGE b. OAJE C. AJHB d. BAJN . The perfect competitor will maximize profits at what price? a. OE b. OF C. OG d. OA 6. The perfect competitor will shut down below which price-output relationship? a. K b. M C. L d. R 7. At price OG, the area of which rectangle represents total revenue for the perfect competitor at profit-maximizing output? a. OGKC b. OFC C. FGHJ d. FFJH 8. At output OC, total variable cost is represented by the area of which rectangle? a. OGKC b. FGKJ C. OEHC . OFJC 9. At price OG, profits for the perfect competitor are represented by the area of which rectangle? a. OGKC b. OFNB C. FGKJ d. OEHC + 10. At what price-output relationship will a perfect competitor operate in the long run? a. K b. L C. M d. R The graphs for this exercise are from Text Bank 1 to Accompany Campbell Mcconnell, Economics, 10th ed. New York: McGraw-Hill Book Co. 1987), pp. 361 and 367. 153 Evercue developed by John Morton