What does Function A represent? Blank 1. Fill in the blank, read surrounding text. - What does Function B represent? Blank 2. Fill in the blank, read surrounding text. - What does Function K represent? Blank 3. Fill in the blank, read surrounding text. - What quantity does the perfect competitor produce? Quantity = Blank 4. Fill in the blank, read surrounding text. - What price does the perfect competitor charge? Price = Blank 5. Fill in the blank, read surrounding text. - In the long run, what quantity does the perfect competitor produce? Quantity = Blank 6. Fill in the blank, read surrounding text. - In the long run, what price does the perfect competitor charge? Price = Blank 7. Fill in the blank, read surrounding text. - What is the excess profit per unit under long run perfect competition? Excess profit = Blank 8. Fill in the blank, read surrounding text. - What quantity does the monopolist produce? Quantity = Blank 9. Fill in the blank, read surrounding text. - What price does the monopolist charge? Price = Blank 10. Fill in the blank, read surrounding text. - What is the excess profit per unit for a monopoly? Excess profit = Blank 11. Fill in the blank, read surrounding text. - Verbally describe the elasticity of demand when Q = 8. Blank 12. Fill in the blank, read surrounding text. - Verbally describe the elasticity of demand when Q = 10. Blank 13. Fill in the blank, read surrounding text. - Verbally describe the elasticity of demand when Q = 14. Blank 14. Fill in the blank, read surrounding text. - Elasticity increases on function C as quantity increases. (True or false?) Blank 15. Fill in the blank, read surrounding text. - At what quantity do diminishing returns set in? Quantity = Blank 16. Fill in the blank, read surrounding text. - What quantity maximizes TR? Quantity = Blank 17. Fill in the blank, read surrounding text. - At what quantity does function C cross the quantity axis? Quantity = Blank 18. Fill in the blank, read surrounding text. - The perfect competitor in this model operates in the area of increasing returns. (True or false?) Blank 19. Fill in the blank, read surrounding text. - Triangle PMR represents consumer surplus for a monopoly. (True or false?) Blank 20. Fill in the blank, read surrounding text.