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It says that 4 of the answers are incorrect. Can you tell me what the correct answers would be? Thanks!

Question 1 1 pts Another term for normal profit is zero economic profit. O False TrueQuestion 2 1 pts Average total cost can be found by: adding fixed cost and variable cost. dividing the change in output by thQuestion 3 1 pts (Figure: Interpreting the LRATC) Which region(s) in the graph indicate(s) diseconomies of scale? LRATC ATCniQuestion 4 1 pts Profits that are calculated using both implicit and explicit costs are called: economic profits. accountingQuestion 5 1 pts Regarding the short-run cost model, the vertical distance between the average total cost (ATC) curve and theQuestion 6 1 pts (Table) Based on the table, increasing marginal returns take place for: Labor Total MP ТАР Product 7.71 7.12Question 7 1 pts (Table) Based on the table, the total cost of producing fifty-four units of output is: Q FC VC 05000 8 500 2Question 8 1 pts (Table: Production of Bowling Balls) How many workers would be used to produce 88 bowling balls? Total MargiQuestion 9 1 pts The assumed goal of any firm is to: maximize profit. O minimize taxes. O minimize cost. O maximize revenue.Question 10 1 pts Toyota spent over $1 billion to develop the Prius. For Toyota, the $1 billion was a sunk cost. False O True

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Answer #1

Q2. Option 3. ATC = AFC+AVC

Q3. Option 2. As the cost keeps increasing.

Q5. Option 4. AFC = ATC - AVC

Q10. True. It is a cost which is already spent and cannot be recovered.

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