Question 23 Not yet answered Points out of 1 P Rag question (This question refer

Question

Question 23 Not yet answered Points out of 1 P Rag question (This question refers to the MRU video Maximizing Profit under Competition') Professor Tabarrok uses the example of grades to demonstrate which property of the cost curves? Select one: O a. AC falls first and then rises o b. MC rises as quantity increases. O C. MC crosses AC at its minimum point. O d. MR is horizontal at the market price. Question 24 Not yet answered P Flag question Points out of 1 This question refers to the MRU video Maximizing Profit and the Average Cost Curve'.) Which of the following gives a correct formula for profit? Select one: a. Profit-Price-Quantity x (Fixed Costs + Variable Costs) 0b. Profit (Price- Quantity)x (Fixed Costs- Variable Costs) O c. Profit - (Price Quantity)-(Fixed Costs Variable Costs) O d. Profit Quantity x (Price- Fixed Costs - Variable Costs) Question 25Not yet answered Points out of 3 P Flag question (This question refers to the MRU video 'Entry, Exit, and Supply Curves: Decreasing Costs') Decreasing costs industries can be used to explain: Select one a" market failures. O b. technological progress O c. business cycles. O d. clusters.

Explanation / Answer

Q23. Answer is a. AC falls first and then rises. Q24. Answer is d. Price = quantity *(Price-Fixed cost-Variable cost) Q25. Answer is b. Technological progress.

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