HW8 - HW8 Chapter 12 MULTIPLE CHOICE Choose the one...

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HW8 Chapter 12 MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the questi Figure 12-3 1) Refer to Figure 12-3 . Suppose the prevailing price is P 1 and the firm is currently producing its loss-minim quantity. Identify the area that represents the loss. 2) ______ A) P 3 caP 0 B) P 2 deP 1 C) 0 P 1 bQ 1 D) P 3 cbP 1
2) If the market price is $25 in a perfectly competitive market, the marginal revenue from selling the fifth unit is ______
3) Assume the market for cage-free eggs is perfectly competitive. All else equal, as farmers find it less profita produce and sell cage-free eggs in this market 4) ______

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