4000 0 incorrect 9000 5000 true answer correct 5000

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$4,000; $0 Incorrect ?$9,000; ?$5,000 (True Answer )Correct ?$5,000; ?$9,000 Incorrect ?$2,500; ?$4,000 Incorrect
468 With which of the following scenarios should a perfectly competitive firm shut down in the short run? I. P= $80, VC= $180,000, and Q = 2,000 II. TR= $45,000, AVC= 500, ATC= 600, and Q= 84 III. P= $11.55, ATC= $15, and AFC= $2 II only Incorrect III only Incorrect II and III Incorrect I and III (True Answer )Correct 469 The perfectly competitive firm's short-run supply curve is: the portion of its marginal cost curve that lies above average variable cost. (True Answer )Correct the portion of its marginal cost curve that lies above average total cost. Incorrect its average variable cost curve that lies above marginal revenue. Incorrect its average total cost curve that lies above marginal revenue. Incorrect
470 Figure 8.12 Reference: Ref 8-14 (Figure 8.12) The perfectly competitive firm's short-run supply curve is represented by points:
Incorrect 471 A street vendor's annual license fee to operate was recently increased by the city. How does this cost increase affect the street vendor's cost curves?
472 Pitch (a sticky black substance made from petroleum) is a key input in the production of clay targets. If the price of pitch falls, clay target manufacturers will encounter a(n) _______ shift of their marginal cost curve and a(n)_______ shift of their average variable cost.
473 Figure 8.13
Reference: Ref 8-15 (Figure 8.13) What could have caused the supply and average variable cost curves to shift downward?a decrease in average fixed costs Incorrect a decrease in wages (True Answer )Correct an increase in input prices Incorrect an increase in rental payments or property taxes Incorrect 474 Suppose a perfectly competitive industry has 300 firms, and the short-run supply curve for each firm is given by Q = 2P.What is the short-run industry supply curve? QS= 150PIncorrect QS= 600 Incorrect QS= 600P(True Answer )Correct QS= 300 + 2PIncorrect 475 In a perfectly competitive market with 50 firms, output is zero at prices less than $20. At prices greater than or equal to $20 and less than $30, each firm will produce 1 unit of output. At any price greater than or equal to $30, each firm will produce 3 units of output. At a price of $27, the industry produces ______ units, and at a price of $35, the industry produces ______units.

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