Question

Please help with these questions,

Question 21 0.16 pts One difference between implicit costs and explicit costs is that implicit costs are included in economic profits, whereas explicit costs are not. explicit costs are included in economic profits, whereas implicit costs are not. O implicit costs are included in accounting profits, whereas explicit costs are not. explicit costs involve opportunity costs, whereas implicit costs involve a monetary transaction. explicit costs are included in accounting profits, whereas implicit costs are not. Question 22 0.16 pts If Dorothy's Doughnuts is a perfectly competitive firm and is currently incurring economic losses of $500 the market supply curve will shift to the right. individuals will demand fewer doughnuts. O firms will enter the market. firms will exit the market. individuals will demand more doughnuts Question 23 0.16 pts In its simplest form, the long-run market supply curve is a(n) horizontal line at the minimum average total cost (ATC). upward-sloping line equal to the marginal cost curve only above the minimum average variable cost (AVC) O horizontal line at the price where accounting profits equal zero. upward-sloping line equal to the marginal cost curve O vertical line at the quantity produced by the firm.

Answer 1

Answer 21

last option is the right answer

As explicit cost are included in both accounting profit and economic profit whereas implicit cost are included only In economic profit .

Answer 22 .

Firm will exit the market

Sine the market is perfectly competitive the firm is left with no other option than leaving the market as it cannot alter the prices to cover the losses .

Answer 23

Horizontal line at minimum average total cost (ATC).

Its a fact that long run market supply curve is a minimum average total cost . Therefore other options are not correct .

Answer 24

Sherman Act

Its is the Sherman act and Peabody of 1980 where government has exercised control over monopoly practices