1. Which three products (any three that work) fall into the market structure of perfect competition? Answer: 2. Do all price takers retain perfectly elastic demand? Explain. Answer: 3. Explain why you agree or disagree with the following statement: Whenever Royal Dutch Shell wants to boost its sales of crude oil, they lower prices to draw greater bids. Answer: The next 4 questions (Q4 - Q8) are all based on the graph below: MC 10 Cost and Revenue NWAMANOO ATC ZMR AVC 1 2 3 4 5 6 7 9 Quantity 4. Using the graph above, what's the price of this product? Explain. Answer:5. Using the graph above, why is this firm producing 7 units? Explain. Answer: 6. Using the graph above, is this company making a profit? If yes, how much profit per unit? If no, how much is it losing per unit? (Show your work, please) Answer: 7. Using the graph above, to produce 10u profitably, what must this firm do? Answer: 8. Which cost-industry is represented in the graph below? Explain. Answer: Price X Qe Q0 Quantity 9. Which cost industry is the most common one of all? Explain. Answer: 10. Explain which cost-industry is reflected in the graph below, by explaining what's happening exactly in it. Answer:$60 50 40 D2 DI 0 90,000 100.000 1 10,000 Q (b) Industry 11. Is the graph below likely to belong to personal computer manufacturers? Explain why or why not. (Look up the industry and do your best.) Answer: Decreasing-cost Industry Supply: Supply. LRIS Price ($) Demand, Demand, Units of Output (q) 12. Using the graph below, is this firm maximizing profit or minimizing losses? Explain thoroughly. Answer:price MC ATC C P AR - MA AVC C. quantity Fig uj Loss minimigation. See entry. (This graph is for question 12)