25.Refer to Figure 12-5. What is the output price?
26.Refer to Figure 12-5. What is the area that represents the firmʹs profit?A)P4edP2B)Profit =C)P4eaP1D)P3baP2
27.Refer to Figure 12-5. Economies of scale are exhausted at which output level?
28.Refer to Figure 12-5.If the diagram represents a typical firm in the market, what is likely to happen in the longrun?
29.Refer to Figure 12-5.If the diagram represents a typical firm in the market, what is likely to happen to itsaverage cost of production in the long run?
30. If a typical monopolistically competitive firm is making short run losses, thenA) as some firms leave, the demand for the products of the remaining firms will become more elastic.B) the industry will eventually cease to exist.C) as some firms leave, the remaining firms will experience an increase in the demand for their products.D) other more competitive firms will enter the market.