Which statement is correct?

a.)In the long run the plant capacity is variable.

b.)In the short run the plant capacity is variable.

c.)In the long run the plant capacity is fixed.

d.) In the short run, all factors of production are variable

2.) In long-run equilibrium a monopolistically competitive firm's price will:

a.)exceed MC, but equal ATC.

b.)exceed both MC and ATC.

c.)be less than both MC and ATC.

d.) exceed ATC, but equal MC.

3._) It has been argued that in general, a monopoly transfers income from consumers to the owners of the monopoly. This is because:

a) monopolist charges a lower price for its product as compared with perfect competition.

b.) the monopoly in effect levies a "private tax" on consumers.

c.)monopoly profit is distributed equally among all the consumers.

d.) monopoly increases the efficiency of the market.

4.) In long-run equilibrium, a perfectly competitive firm will operate where price is:

a.)equal to MR, MC, and minimum ATC.

b.)greater than MR but equal to MC and minimum ATC.

c.)greater than MR and MC, but equal to minimum ATC.

d.)greater than MC and minimum ATC, but equal to MR.

5.) In a perfectly competitive industry at equilibrium price and quantity

a.)the willingness of consumers to pay exceeds the opportunity cost of producing the product.

b.)the producer surplus exceeds the consumer surplus.

c.)the consumer surplus exceeds producer surplus.

d.)the sum of consumer and producer surplus is maximized.