Question: 1. (03.01 03.07 MC) Use the graph to answer the free-response question. Show any calculations and be sure to label your response. MC $10 -

1. (03.01 03.07 MC) Use the graph to answer the free-response

1. (03.01 03.07 MC) Use the graph to answer the free-response question. Show any calculations and be sure to label your response. MC $10 - - ATC $8 AVC Price $4 $2 10 14 15 18 22 Quantity Assume that the firm above operates in a perfectly competitive market. a. Which labeled price(s) could be the market price if this firm is earning positive economic profits? b. Explain how the short-run price(s) from part (a) could get to the long-run equilibrium price level. C. At which labeled price(s) from the graph would the firm operate in the short run but leave the market in the long run? d. If the short-run market price is $8, what will this firm's total revenue be? e. If the government instituted a per-unit tax, which curve(s) above would move? (5 points) New version available! (3.0.243) GET IT NOW

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