Refer to the above diagram. All data are for the short run. The firm represented

Question

Refer to the above diagram. All data are for the short run. The firm represented in this diagram is selling under conditions of: Pure monopoly Pure competition Monopolistic competition Oligopoly Refer to the above diagram. All data are for the short run. if the product prices is P2, the firm will: Close down to avoid a loss Produce Q2 units and make an economic profit Produce Q5 units and break even Produce Q2 Units and suffer a loss Refer to the above diagram. All data are for the short run. If the product price is P3, the firm will: Produce Q1 units and break even Produce Q4 units and make an economic profit Produce Q5 units and break even Shut down Refer to the above diagram. All data are for the short run. Which of the following statements is correct? Production is profitable only when price is above p3 Average fixed cost is P1P3 at output Q1 The firm will produce an output of Q1 when price is P1 At price P1, the firm will close down

Explanation / Answer

9) pure competition

10) produce q2 units and suffer a loss

11) produce q4 and make economic profit

12)at price p1 the firm will close down

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