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1. In the long run, A) any firm can enter the industry. B) any firm can enter the industry if there is no barrier to entry. C) any firm can enter the industry only if existing firms earn economic profit. D) any firm can enter the industry only if it is a perfectly competitive industry.

Questions 2 to 4 — The following figure shows the marginal cost, average fixed, variable and total costs for a firm:

2. In the above figure, A) curve A is the marginal cost and curve B is the average variable cost. B) curve A is the average variable cost and curve B is the average total cost. C) curve A is the average variable cost and curve D is the average fixed cost. D) curve A is the marginal cost and curve B is the average total cost 3. In the above figure, what is roughly the minimum efficient scale? A) Around 25. B) Around 35. C) Around 40. D) Around 12. 4. In the above figure, what is roughly the shutdown price? A) Around 6. B) Around 8. C) Around 12. D) None of the above.

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5. Melissa has an income of \$240 a month to spend on tennis lessons and concert tickets. The price of a tennis lesson is \$20, and the price of a concert ticket is \$40. If the price of a tennis lesson rises to \$30, her budget line, with tennis lessons on the horizontal axis, A) shifts rightward with no change in its slope. B) shifts leftward with no change in its slope. C) becomes flatter. D) becomes steeper. Questions 6 to 8:

6. Jane spends her monthly dining-out budget of \$300.00 on either steak or lobster dinners. Using the

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