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e Indeterminate if a firm is maximizing its profit and is earning positive economic profit, which of the following must be true? Question 6 (2 points) (03.03 MC) Average total cost price; marginal cost = marginal revenue It is flat. Average total cost marginal revenue CC It is positive. Total cost > total revenue, marginal cost > marginal revenue It is negative. Total cost = total revenue; marginal cost > marginal revenue It is negative and then positive . Question 10 (2 points) (03.05 MC) e It is positive and then negative . A firm operating in a perfectly competitive market cannot increase its profit. Which of the following must be Question 7 (2 points) true in the short run? (03.04 MC) A decrease in output will leave profits unchanged. a A firm is earning positive accounting profits of $1,000 and negative economic profits of $2,000. Therefore, the firm's b The firm cannot be earning positive economic profit explicit costs must be $2,000 The firm's average total costs equal marginal costs. a implicit costs must be $2,000 The firm's demand curve is downward sloping explicit costs must be $3,000 The firm's marginal cost equals its price. implicit costs must be $3,000 Question 11 (2 points) (03.06 MC) profits must be normal The graph below shows the marginal revenue, marginal cost, and average total cost at different quantities for a Question 8 (2 points) firm in a perfectly competitive market. (03.04 MC) A firm is earning an accounting profit of $15,000. Its implicit costs are $2,000, explicit costs are $10,000, and its economic profit is $13,000. What must its total revenue be? $16,000 $25.000 $28.000 $30 000 Indeterminate Question 9 (2 points) (03.05 MC )