44 refer to figure 12 17 which of the following

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44)Refer to Figure 12-17.Which of the following statements istrue?A) The firm will produce 30 thousand pounds of apples in the short run and earn an economic profit. New firmswill enter the market and shift the market supply curve to the left.B) The firm will produce 30 thousand pounds of apples in the short run and earn an economic profit, but it wouldearn a greater profit if it produced at the lowest point on theATCcurve.C) The firm will produce 30 thousand pounds of apples in the short run and earn an economic profit. New firmswill enter the industry; as a result, the firm will be forced to exit the industry in the long run.D) The firm will produce 30 thousands pounds of apples in the short run and earn an economic profit. In the longrun the firm will break even.Answer:D
47) A firm could continue to operate for years without ever earning a profit as long as it is producing an outputwhere
....C
48) A firm would decide to shut down if its production resulted in....D
12.6Perfect Competition and Efficiency3) The perfectly competitive market structure benefits consumers becauseB
Figure 12-208)Refer to Figure 12-20.If the market price isP1, what is the allocatively efficient output level?A)QB)QC)QD) There is no allocatively efficient output level because the firm is making a loss.Answer:012B
17) Which of the following describes a difference between allocative efficiency and productive efficiency in aperfectly competitive market?D
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