Question

Please answer the following six questions. Thanks

Question 7

Claire is an Idaho potato farmer, facing many competitors and who each sell the same product. If Claire stays in business and accepts the prevailing market price, she can

Group of answer choices

sell as large a quantity of her potato crop as she wishes.

only sell a limited quantity of her potatoes.

not sell any of her potatoes.

only make an economic loss.

Question 8

Given the data provided in the table below, what will the amount of profit be for production at quantity (Q) level 6?

Q	P	TC	TR	MR	MC	Profit
0	$12	$9
1	$12	$10
2	$12	$12
3	$12	$15
4	$12	$19
5	$12	$24
6	$12	$30
7	$12	$45

Group of answer choices

$36

$1

$42

$2

Question 9

Which of the following is most likely to present a barrier to entry into a market?

Group of answer choices

identical products being sold

increased regulatory hurdles to new firms

low startup costs for entering the market

a lack of established patent laws in the market

Question 10

For a monopolist, the _____ curve will always lie below the _____ curve.

Group of answer choices

average cost; marginal revenue

marginal cost; market demand

market demand; marginal revenue

marginal revenue; market demand

Question 11

Suppose that OPEC members produce and export oil and operate as oligopoly firms. A given OPEC member seeking to act individually and gain profits would most likely try _____ levels of oil output and _____ prices.

Group of answer choices

expanding; cutting

reducing; raising

expanding; raising

reducing; cutting

Question 12

Monopolistic competitors in the certified used vehicles industry will often include a warranty as a means to

Group of answer choices

be environmentally responsible.

be perceived less favorably.

differentiate their product.

be socially responsible.

Answer 1