Liberty University ECON 213 Quiz 9 Complete Solutions Correct Answers Key

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Liberty University ECON 213 quiz 9complete solutions correct answers keyTwo versionsQuestion 1 In the long run, if a firm is making a loss, it will:Question 2 Refer to the accompanying figure. This firm’s shortrun supply curve is represented bythe:Question 3 In competitive markets:Question4JimandLisaownadoggroomingbusinessinChamplain,NewYork,calledJLGroomers.Therearemanybuyersandmanysellersinthedoggroomingservicemarket.JLGroomers experiences normal cost curves, with the marginal cost (MC) curve crossing averagevariable cost (AVC) at $14 and average total cost (ATC) at $22. JL Groomers will always shut downif the market price is:Question 5 Dave’s Batting Cages is located in Boston, Massachusetts. During the first year ofoperation, Dave’s Batting Cages incurred many costs. In that year, Dave spent $5,000 on labor,$2,000 on maintenance, and $1,000 on electricity. Dave took out a loan to open his business, inwhich he would have earned $1,500, and his previous job, which he could get back at any time,paid him $50,000. Dave’s Batting Cages incurred _________ in explicit costs.Question 6 Refer to the accompanying figure to answer the questions that follow. If the price is $3,the firm is making:Question 7 A firm’s willingness to supply its product in the long run is represented on a graph bythe:Question 8 The accompanying table represents the quantity produced, the total revenue, and thetotal cost of a firm operating in a perfectly competitive market. Refer to this table to answer thequestions that follow. Profits are maximized when producing:Question 9 Firms will be indifferent about shutting down or producing if the price they charge is:Question 10 The accompanying table represents the quantity produced, the total revenue, and thetotal cost of a firm operating in a perfectly competitive market. Refer to this table to answer thequestions that follow. When profits are maximized, profits are equal to:Question 11 If firms in a competitive market are making positive economic profits, you would

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