Question: Use the Graph below to answer the following questions: 40 MC ATC 35 30 P1 25 y AVC 20 16 15 P 2 +-f- 12

60 70 80 90 100 110 QQuestion 1 5 pts What is

the total profit or loss for this perfect competitor if the industry

price is equal to $30? Explain your answer and show your calculations.

Edit View Insert Format Tools Table 12pt ~ Paragraph v B /7

Use the Graph below to answer the following questions: 40 MC ATC 35 30 P1 25 y AVC 20 16 15 P 2 +-f- 12 10 P3 5 - - 10 20 30 45 50 60 70 80 90 100 110 QQuestion 1 5 pts What is the total profit or loss for this perfect competitor if the industry price is equal to $30? Explain your answer and show your calculations. Edit View Insert Format Tools Table 12pt ~ Paragraph v B /7 U A+v v T2v Question 2 5 pts If the industry price falls to $10, what if the level of output for this firm? O 30 O 45 O 60 O 80 O 100 (O insufficient information 00 Question 3 5 pts Explain why the perfectly competitive firm is allocatively efficient. Edit View Insert Format Tools Table 12pt v Paragraph v B / U A+v v T2v Question 4 5 pts Explain why and how the perfect competitor will always break even in the long run. Edit View Insert Format Tools Table 12pt v Paragraph v B 7 U A v v T2v

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