Is equal to $48 at an output of 20 units

1) Output ( units per day) 0 10 20 30 40 Total Costs ($per day) 30 55 78 100 150In the above table, total variable costA) Is equal to $48 at an output of 20 unitsB) Is the greatest at an output of 40 unitsC) Increases as output increasesD) All of the above2) Total Revenue:A) Is the income a company receives from the sales of goodsB) Is the equal to the price times quantity of goods soldC) Rises in responses to a price decrease if demand is elasticD) All of the above3)Market powerA) Is the same for all market structuresB) Means that firm is a price taker not a price setterC) is the ability to alter the market price of a good or serviceD) Only exists for a monopoly4)Which of the following is characteristic of perfectly competitive markets?A) Nonstandardized productsB) A large number of firmsC) price below marginal costD) Significant barriers to entry.5) If an individual perfectly competitive firm raises its price above the market price,A) It will sell some, but less, outputB) It will not sell any outputC) It will sell more outputD) Any of the above is possible depending on the firm’s supply curve6)A flat (horizontal) demand curve for a firm indicates that:A) The firm has no market powerB) The law of demand does not apply in the marketC) P =ATCD) All of the above7)Which of the following is involved in a competitive firms short-run production decision?A) Deciding whether to build an additional factory or notB) Choosing a rate of output using the existing plant and equipmentC) Changing the scale of operationsD) Deciding what price to charge for its product8)If perfectly competitive firm wanted to maximize its total revenues, it would produceA) The output where MC equals priceB) As much output as it is capable of producingC) The output where the ATC curve is at a minimumD) The output where the marginal cost curve is at a minimum10) Which of the following conditions always characterizes a competitive firm that is maximizing profits in the short run?A) Price equals minimum ATCB) Price equal marginal costC) There are normal profitsD) All of the above characterize such a firm11) In a competitive market with economic profitsA) New firms will enter the marketB) Equilibrium price will fall as new firms enterC) Equilibrium quantity will rise as new firms enterD) All of the above12) The constant quest for profits in competitive markets results in:A) Zero economic profits in the long runB) The goods and services being produced that consumer’s demandC)All of the above13) Which of the following is likely consequence as firms exit a market?A) The market supply curve shifts to the rightB) Profits decrease for firms that remain in the marketC) Maximum efficiencyD) All of the above14 Which of the following is likely consequence as firms exit a marketA) The market supply curve shifts to the rightB) Profits decrease for firms that remain in the marketC) Equilibrium output decreases for the marketD) All of the above15 when firms in a competitive market are experiencing Zero economic profits, this is an indication that:A) They should be producing a different productB) They are doing as well as other companies in other marketsC) They will eventually go bankruptD) Accounting losses are being experienced by these firms15) A patentA) Is a government grant of exclusive ownership of an innovationB) Requires a firm to share its innovations with othersC) Protects a perfectly competitive firm from competitionD) Is an illegal method to protect an innovative ideaOutput (Planes per month) 0 1 2 3 4Price (Millions per plane) – $9 $8 $7 $6Marginal cost (Millions per plane – $3 $6 $7 $916) In the above table, the output at which profit maximization is achieve isA) 1 planeB) 2 planeC) 3 planesD) 4 planesE) Not enough information to answer this question17) Which is the following is true for monopolist?A) It is a price takerB) Profit is maximized where MR = MCC) The firm faces a horizontal or flat demand curveD) It will earn zero economic profit in the long run18) Which of the following characteristics is consistent with monopoly industryA) There are many firmsB) Barriers to entry keep potential competitors out of the marketC) There is pressure to reduce costs and improve product qualityD) All of the above19) In some situations a monopoly might be considered more desirable than a perfectly competitive firmA) Because a monopoly has more incentive to keep costs downB) Because a monopoly is the best way to increase output above the competitive level of productionC) If economies of scale exist and can only be realized by a single firmD) Since price is less than marginal revenue for monopoly20) Suppose two firm dominates a market and control price and output. This type of market is calledA) DuopolyB) MonopolyC) Monopolistically competitive)D) Oligopoly21). In a competitive market with economic profitsA) New firms will enter the marketB) Equilibrium price will fall as new firms enterC) Equilibrium quantity will rise as new firm enterD) All of the above22) The constant quest for profits in competitive markets results inA) Zero economic profits in the long runB) The goods and services being produced that consumer’s demandC) Maximum efficiencyD) All of the above23) Which of the following is likely consequence as firms exit a market?A) The market supply curve shifts to the rightB) Profits decrease for firms that remain in the marketC) Equilibrium output decreases for the marketD) All of the above.