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11) Which of the following statements is FALSE? A) In the short run, a monopolist might operate even though it is incurring an economic loss but in the short run a perfectly competitive firm always shuts down if it is incurring an economic loss. B) A monopoly can earn an economic profit in the long run but a perfectly competitive firm cannot. C) A monopoly can set its price while a perfectly competitive firm cannot. D) A monopoly is protected by barriers to entry while a perfectly competitive firm is not. Output (pizzas per day) Total cost (dollars per day) 0 20 1 35 2 45 3 60 4 80 5 105 6 135 12) Vito’s Pizza is a perfectly competitive firm. The firm’s costs are shown in the table above. If the market price is $22.50 per pizza, what is Vito’s profit-maximizing output? A) 2 pizzas per day B) 3 pizzas per day C) 4 pizzas per day D) 5 pizzas per day 13) Vito’s Pizza is a perfectly competitive firm. The firm’s costs are shown in the table above. If the market price is $22.50 per pizza, how much economic profit per day does the firm make? A) zero B) $10 C) $20 D) -$7.50 14) Vito’s Pizza is a perfectly competitive firm. The firm’s costs are shown in the table above. If the market price is $17.50 per pizza, what is Vito’s profit-maximizing output? A) 2 pizzas per day B) 3 pizzas per day C) 4 pizzas per day D) 5 pizzas per day 15) Vito’s Pizza is a perfectly competitive firm. The firm’s costs are shown in the table above. If the market price is $17.50 per pizza, how much economic profit does the firm make? A) zero B) $10 C) -$7.50 D) $15 16) Vito’s Pizza is a perfectly competitive firm. The firm’s costs are shown in the table above. What is Vito’s shut-down point? A) $10.00 per pizza B) $12.50 per pizza C) $15.00 per pizza D) $17.50 per pizza 17) For the monopoly shown in the figure above, the profit maximizing output is A) 20 units. B) more than 40 units and less than 60 units. C) 40 units. D) 60 units. 18) For the monopoly shown in the figure above, the profit maximizing price is A) less than $1.00. B) $3.00. C) $4.00. D) $6.00. 19) For the monopoly shown in the figure above, the maximum total economic profit is A) zero. B) $32. C) $80. D) $240. 20) For the monopoly shown in the figure above, the markup is A) zero. B) $1. C) $2. D) $4.

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