A) $11.00. B) $12.00. C) $16.00. D) $22.00. 33) Consider the perfectly competitive firm in the above figure. What will the firm choose to do in the short-run and why? A) shut down because the firm incurs an economic loss B) stay in business because the firm is making an economic profit C) stay in business because the firm's economic loss is less than fixed costs D) stay in business because it is earning a normal profit 34) A perfectly competitive firm's short-run supply curve is the same as its A) curve. ATC B) curve. MR C) curve. AVC D) above the minimum of the curve. MC AVC 35) In the above figure, the vertical distance between the and curves is ATC AVC A) the marginal cost. B) the cost. C) the average costs. D) None of the above answers are correct. 36) Consider the perfectly competitive firm in the above figure. At the profit maximizing level of output, the total costs is A) $187. B) $485. C) $391. D) $204.
A) $11.00. B) $12.00. C) $16.00. D) $22.00. 33) Consider the perfectly competitive firm in the above figure. What will the firm choose to do in the short-run and why? A) shut down because the firm incurs an economic loss B) stay in business because the firm is making an economic profit C) stay in business because the firm's economic loss is less than fixed costs D) stay in business because it is earning a normal profit 34) A perfectly competitive firm's short-run supply curve is the same as its A) ATC curve. B) MR curve. C) AVC curve. D) MC above the minimum of the AVC curve. 35) In the above figure, the vertical distance between the ATC and AVC curves is A) the marginal cost. B) the cost. C) the average costs. D) None of the above answers are correct. 36) Consider the perfectly competitive firm in the above figure. At the profit maximizing level of output, the total costs is A) $187. B) $485. C) $391. D) $204.