question archive 21) Refer to Figure 15
21) Refer to Figure 15
Subject:EconomicsPrice: Bought3
21) Refer to Figure 15.1. If Dom's Barber Shop is maximizing profit, its total revenue equals
A) $200.
B) $320.
C) $350.
D) $360.
22) Refer to Figure 15.1. If Dom's Barber Shop is maximizing profit, its total costs are
A) $200.
B) $240.
C) $350.
D) $360.
23) Refer to Figure 15.1. From society's point of view, the efficient level of output is
A) 20 haircuts.
B) 23 haircuts.
C) 25 haircuts.
D) 30 haircuts.
24) Refer to Figure 15.1. In this industry, in the long run,
A) firms will continue to earn economic profits.
B) firms will enter until all firms earn a normal profit.
C) demand for the product will decrease so that profits are decreased.
D) the government will impose price controls to eliminate any economic profits.
25) Refer to Figure 15.2. The profit-maximizing number of perms for We Do Hair, a monopolistically competitive firm, is
A) 60.
B) 50.
C) 46.
D) 40.
26) Refer to Figure 15.2. At We Do Hair, a monopolistically competitive firm, the profit-maximizing price for a perm is
A) $32.
B) $28.
C) $24.
D) $20.
27) Refer to Figure 15.2. If We Do Hair is maximizing profit as a monopolistically competitive firm, it is earning a profit of
A) $180.
B) $220.
C) $320.
D) $480.
28) Refer to Figure 15.2. If We Do Hair is maximizing profit as a monopolistically competitive firm, its total revenue equals
A) $1,280.
B) $1,320.
C) $1,200.
D) $600.
29) Refer to Figure 15.2. If We Do Hair is maximizing profit as a monopolistically competitive firm, its total costs are
A) $1,200.
B) $960.
C) $800.
D) $660.
30) Refer to Figure 15.2. From society's point of view, the efficient level of output is
A) 40 perms.
B) 50 perms.
C) 60 perms.
D) 80 perms.
