Please answer for the questions 22 to 25. $17.0022. The short-run supply curve of a purelycompetitive producer is based primarily on its:A. AVC curve.B. ATC curve.C. AFC curve.D. MC curve.Answer the next question(s) on the basis of thefollowing cost data for a firm that is selling in apurely competitive market:AverageFixedAverage AverageTotalCostTotalVariableMarginalCostProductCostCost$100.0050,00$17.00$117.0066.0048.3339.2534.0030.67$17216,0015333,3315001325.0020,00414.251214.0013616.6714.0014714.2915.7130.0026812.5017.5020.0030.0030911.1119.4430,5531.6033.093521.6024.0026.671010.0041119.0948128.3335.005623. Refer to the above data. If the market pricefor the firm's product is $12, the competitive firmwill produce:A. 4 units at a loss of $109.B. 4 units at an economic profit of $31.75.C. 8 units at a loss of $48.80.D. zero units at a loss of $100.24. Refer to the above data. If the market pricefor the firm's product is $32, the competitive firmwill produce:A. 8 units at an economic profit of $16.B. 5 units at a loss of $10.C. 8 units at a loss equal to the firm's total fixedcost.D. 7 units at an economic profit of $41.50.25. Refer to the above data. If the market pricefor the firm's product is $28, the competitive firmwill:A. produce 4 units at a loss of $17.40.B. produce 7 units at a loss of $14.00.

Answered: 22. The short-run supply curve of a…

22. The short-run supply curve of a purely competitive producer is based primarily on its: A. AVC curve. B. ATC curve. C. AFC curve. D. MC curve.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 17GI

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