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Question 1 0.16 pts Use the following scenario to answer the following questions: Carmela's Churros is a perfectly competitive firm that sells desserts in Houston Texas. Carmela's Churros currently is taking in \$40,000 in revenues, and has \$15,000 in explicit costs and \$25,000 in implicit costs. Holding all else constant, the price of churros in this market will O stay where it is increase in the long run. decrease in the long run. O decrease in the short run. increase in the short run. Question 2 0.16 pts Which of the following lists three main characteristics of a competitive market? many buyers and few sellers, similar products, easy entry into the market many buyers and sellers, similar products, easy entry into the market many buyers and few sellers, unique products, barriers to entry into the market many buyers and sellers, differentiated products, easy entry into the market many buyers and sellers, similar products, barriers to entry into the market
Question3 0.16 pts Refer to the accompanying figure to answer the following questions. Price and Cost MC ATC \$8 \$5 \$3 Quantity The long-run market supply curve would be a horizontal line O at \$5 Oat \$8 O between \$5 and \$8. between \$3 and \$5. O at \$3. Question 4 0.16 pts If the short-run market supply curve and the demand curve intersect above the long-run market supply curve, firms will experience profits, meaning the price is total cost curve economic the minimum point on the average positive; below O positive; above O negative; below O negative; above zero; above
Question 5 0.16 pts One way the government can restore competitiveness in a market is through O patents. taxes copyrights antitrust laws O tariffs.

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