When MR = MC and P = ATC for a monopolistically competitive firm, the firm is in O short-run disequilibrium. O long-run disequilibrium. O long-run equilibrium. O neither short-run nor long-run equilibrium.10 - kw?" _ I M a. x X \ l "D \\ I 0_ . . MR: ._ 20 23 25 30 q Numberofhaircuts Refer to the graph above, which represents the demand and cost curves for Heat and Trim Barber Shop, a monopolistically competitive rm. The prot-maximizing number of haircuts for the Barber Shop is O20 O23 025 030 0 some value less than 20 Refer to the graph again. The prot-maximizing price of haircuts by Neat and Trim is 0 $10 0 $12 0 $14 0 $16 0 some priceless than $10 If Neat and Trim maximizes prots, it _ of $80. 0 receives a total revenue 0 earns a prot 0 has a total cost O suffers a loss If Neat and Trim maximizes prots, its ________ equals $320. 0 total cost 0 total revenue 0 prot O variable cost 0 average cost O marginal cost 0 marginal revenue If Meat and Trim maximizes prots, its ________ is $240. O total revenue 0 total cost 0 prot O marginal revenue O average cost 0 marginal cost O price Refer to the graph. From society's point of view, the efficient output level is haircuts. O 20 O 23 O 25 O 30 O whatever amount of haircuts that occur at the horizontal intercept of the demand functionRefer to the graph again. Suppose that the profits or losses incurred by Neat and Trim are a reflection of the Barber Shop industry as a whole. In the Barber Shop industry, in the long run, O firms will continue to earn economic profits. O firms will enter until all firms earn zero economic profit. O product demand will become perfectly inelastic O the government will impose price controls to eliminate any economic profits.Suppose that two players are playing the following game. Player B Left Right Player A Top 2 5 1 4 Bottom 0 1 3 8 PlayerA can choose either Top or Bottom. and Player B can choose either Left or Right. The two players choose their strategies simultaneously. The payoffs are given in the table. where the number on the left is the payoff to Player A, and the number on the right is the payoff to Player B. How many possible outcomes are there in this game? 02 Q4 08 016 Does Player A have a dominant strategy? If so, what is it? O Top is a dominant strategy for Player A O Bottom is a dominant strategy for Player A O Left is a dominant strategy for Player A O Right is a dominant strategy for Player A O There is no dominant strategy for Player A