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Question 11 (1 point) In the short run, the firm will realize an economic loss but will continue to produce if the price is: 0 Below P2 0 Between P2 and P3 0 Between P3 and P4 0 Between P1 and P2 Question 12 (1 point) If output (Q) is increasing but so is the average total cost (ATC) then the firm must be facing: (select all that apply) Select 1 correct answerls) C] There is not enough information C] Constant returns to scale C] Economies of scale C] Diseconomies to scale Question 13 (1 point) Consider the below graph. The left side of the short-run ATC curve derives its shape from: O Decreasing willingness to pay 0 The long-run price 0 The spreading of fixed costs 0 Diminishing marginal returns Question 14 (1 point) Consider the below graph. Below which market price will make the firm shut down in the short run? Question 15 (1 point) Consider the below graph. At a price of $9, what will the firm do in the short run? / . 0 Shut down and save fixed costs 0 Increase output to increase total revenue 0 Exit the industry 0 Stay open and earn short run loses Question 16 (1 point) Consider the below graph. At a price of $18, what will be the profit? Question 17 (1 point) All of the following are essential characteristics of a perfectly competitive industry EXCEPT: 0 All firms in the industry are price takers. 0 Price is equal to marginal revenue for every firm in the industry. 0 All products produced by the firms in the industry are homogeneous. Q There are high barriers to entry into the industry. Question 18 (1 point) In the long run, a firm in a competitive market will make: 0 Positive economic profit 0 Profits greater than marginal cost 0 Losses 0 None of the above Question 19 (1 point) The market shown in the below graph is in equilibrium when Pe =24 and Qe=16. If the government imposes a price ceiling of 12, what is the deadweight loss? 36 -30 -24 20 12 8 10 16 20 30 ONone of the above 96 108 O 48Question 20 (1 point) The market shown in the below graph is in equilibrium when Pe =24 and Qe=16. If the government imposes a price floor of 36, how does consumer surplus change? (Select all that apply): -u-c-nc-wooa C] Increases to 192 C] Decreases by 144 C] Increases to 48 C] Decreases to 48