19. Archibald's Tattoos is a perfectly competitive firm. The firm's costs are shown in the table above. If the market price of a tattoo is $12 the firm

(A)will shut down.
(B)is breaking even.
(C) suffers an economic loss, but will not shut down.
(D) will not shut down in the short run, but will leave the industry in the long run. (Figure for questions 20-22 is provided in the image)

15. The average total cost curves for Plant 1, ATC1, and Plant 2, ATC2, are shown in the figure above. Over what output range is it efficient to operate Plant 2?(A)0-25 (B)20-25 (C) greater than 25 (D) 0-20

16. Economies of scale occur when the percentage increase in output (A)exceeds the percentage increase in all inputs. (B)is less than the percentage decrease in all inputs. (C) is less than the percentage increase in all inputs. (D) exceeds the percentage decrease in all inputs. (Table for questions 17-19 is provided in the image)

17.Archibald's Tattoos is a perfectly competitive firm. The firm's costs are shown in the table above. If the market price of a tattoo is $12.50 and if Archibald's does not shut down, what is the firm's profit-maximizing output?(A)2 tattoos per hour (B)4 tattoos per hour (C) 3 tattoos per hour (D) 5 tattoos per hour

18. Archibald's Tattoos is a perfectly competitive firm. The firm's costs are shown in the table above. What is Archibald's economic profit at the shut-down point? (A)zero (B)$10 (C) -$15 (D) -$10

20.In the above figure, what price will the single-price monopoly set? (A)P2 (B)P1 (C) P4 (D) P5

21. Using the above figure, which of the following statements is true? (A)At point e, the marginal cost of the last unit produced is equal to the price, therefore to maximize its profit the firm should produce no more nor less. (B)At point f, the marginal revenue of the last unit produced is equal to the marginal cost, therefore to maximize its profit the firm should produce no more nor less. (C) At point f, the marginal revenue of the last unit produced is greater than the marginal cost, therefore to maximize its profit the firm should produce more. (D) At point d, the marginal revenue of the last unit produced is less than the marginal cost, therefore the firm should produce more.

22. In the above figure, the total revenue for a single-price monopolist is shown by the area (A)OP3CQ1. (B)P2P4eb. (C) OP5fQ1. (D) OP4eQ3.

23. The above figure shows the kinked demand curve for an oligopolist. Suppose the marginal cost curve is horizontal at $30. Then the firm will produce ______ units of output and charge a price of ______. (A)3； $40 (B)3； $30 (C) 3； $10 (D) 4； $30

24.Consider the above figure. Suppose Chocar imposes a quota of 8 million cars per year on car imports from Azabin. As a result of the quota, the price at which the imported cars will be purchased in Chocar is (A)$11,000 per car. (B)$13,000 per car. (C) $12,000 per car. (D) More information about the demand for cars in Azabin is needed to answer the question.

25. Voluntary export restraint agreements are (A)a type of tariff in which the tax is based on the value of the good. (B)a type of tariff in which the tax is a fixed amount per unit of the good imported. (C) a type of quota that actually benefits the firms facing the restrictions. (D) a type of quota in which the government of the exporting nation agrees to limit its exports.