Which of the following does not characterize a perfectly competitive firm that has shut down in the short run?Question 1…

Which of the following does not characterize a perfectly competitive firm that has shut down in the short run? Question 1 options:total revenue equals zerovariable costs equal zerothe firm suffers a lossfixed cost is positivefixed cost is zeroSave Question 2 (2.5 points)  Perfectly competitive firms are price takers because Question 2 options:all small firms must take the price set by the largest firm in the marketfirms take the price that government determines is a “fair” priceeach firm is small and goods are perfect substitutes for one anotherfree entry and exit in the short run creates a constant market price in the long runhigh barriers to entry force firms to compete by charging lower prices than other firms in the industrySave Question 3 (2.5 points)  Exhibit 8-13If the market price in Exhibit 8-13 is $6, what is the greatest possible short-run profit for this perfectly competitive firm? Question 3 options:$3$30-$3-$30$20Save Question 4 (2.5 points)  If, as a firm increases its rate of output, total cost increases as well, Question 4 options:profit cannot be maximizedrevenue cannot be maximizedcost cannot be minimizedmarginal cost is increasingmarginal cost is positiveSave Question 5 (2.5 points)  Exhibit 8-3Which point in Exhibit 8-3 indicates the quantity at which this firm will maximize profit? Question 5 options:point apoint bpoint cpoint deither point b or point dSave Question 6 (2.5 points)  Perfectly competitive firms respond to changing market conditions by varying their Question 6 options:priceoutputmarket shareinformationadvertising campaignsSave Question 7 (2.5 points)  Which of the following would not help identify market structure? Question 7 options:number of firms in the industrytype of product produced in the industryease of entry into the industryforms of competition among firms in the industryprice of the goodSave Question 8 (2.5 points)  Which of the following is not characteristic of perfect competition? Question 8 options:many buyers and sellersbrand name advertisingstandardized productsfully informed buyers and sellersfree entry and exit of firmsSave Question 9 (2.5 points)  Which of the following is not necessarily a characteristic of perfect competition? Question 9 options:low pricesa large number of buyers and sellersa homogeneous productperfect informationeasy entry and exit in the long runSave Question 10 (2.5 points)  Business-class airline tickets cost much more than coach-class tickets because, compared to householders, businesspeople’s demand for travel is Question 10 options:equally elasticunitary elasticmore elasticless elasticnot a factor in the cost of airline ticketsSave Question 11 (2.5 points)  In the short run, if a firm shuts down, its loss is equal to Question 11 options:$0its variable costsits fixed costsfixed costs minus variable costsfixed costs minus total revenueSave Question 12 (2.5 points)  Exhibit 9-18In Exhibit 9-18, how does market segment A differ from market segment B? Question 12 options:demand is relatively more elastic in segment A than in segment Bdemand is relatively more income elastic in segment A than in segment Bdemand is relatively more income elastic in segment B than in segment Athere are more consumers in segment A than in segment Bdemand is relatively more inelastic in segment A than in segment BSave Question 13 (2.5 points)  An industry consists of all firms that supply output to a particular market. Question 13 options:TrueFalseSave   Question 14 (2.5 points)  Exhibit 9-1PriceQuantity Demanded$50  2403304205106In Exhibit 9-1, the marginal revenue of the sixth unit is Question 14 options:$10$60$100$40-$40Save Question 15 (2.5 points)  From the following demand schedule for a monopolist, what is the marginal revenue associated with the sale of the fourth unit?PriceQuantity901802703604505 Question 15 options:$10$30$60$240marginal revenue cannot be determined from the information givenSave Question 16 (2.5 points)  Monopolists always earn positive short-run economic profit. Question 16 options:TrueFalseSave Question 17 (2.5 points)  A natural monopoly results when a firm has Question 17 options:a licensea patentofficial approval to produce a productdecreasing average costs over the range of market demandexclusive use of a natural resourceSave Question 18 (2.5 points)  Exhibit 9-3The profit-maximizing output and price for the firm in Exhibit 9-3, which charges the same price to all customers, are Question 18 options:117 and $14150 and $22150 and $14117 and $22117 and $24Save Question 19 (2.5 points)  Exhibit 9-2QuantityPrice0$7  162534435261In Exhibit 9-2, the marginal revenue of the fourth unit is Question 19 options:$12$3$4-$4$0Save Questio 20 (2.5 points)  Exhibit 9-3The total revenue for the firm in Exhibit 9-3, a monopolist that maximizes profit while charging all customers the same price, is Question 20 options:$2,574$2,808$2,100$1,638$3,300Save Question 21 (2.5 points)  For a monopolist, P < MR at all quantities. Question 21 options:TrueFalseSave Question 22 (2.5 points)  For a monopolist, if marginal revenue is $40, total revenue is Question 22 options:increasingdecreasingzeropositivenegativeSave Question 23 (2.5 points)  Which of the following is true of monopoly? Question 23 options: