Economics Homework Help

15. (3 points)In the above figure, if the price is $16, a profit-maximizing perfectly competitive firm

15. (3 points) In the above figure, if the price is $16, a profit-maximizing perfectly competitive firm

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will

A) produce 50 units.

B) produce 35 units.

C) produce 10 units.

D) choose not to produce.

16. (3 points)  In the above figure, if the price is $12, a profit-maximizing perfectly competitive firm will have an economic profit

A) of less than $100 but more than $0.

B) of more than $100.

C) that is negative, that is, it will have an economic loss.

D) of zero, that is, it will break even with a normal profit.

17. (3 points) Using the above figure, of the prices below, which price enables a perfectly competitive firm to earn the maximum economic profit?

A) $4 per unit.

B) $10 per unit.

C) $12 per unit.

D) $16 per unit.

18. (3 points)  In the above figure, below what minimum price will a perfectly competitive firm shut down rather than produce?

A) for any price less than $16 per unit

B) for any price less than $12 per unit

C) for any price less than $8 per unit

D) for any price less than $4 per unit

201MC18ATCAVCPrice and cost ( dollars per unit )DO ON A QaD2O5 10 15 20 25 30 35 40 45 50Quantity ( units per day )