Which of the following does not hold true for a perfectly competitive firm in long-run equilibrium? 

Match with the best answer–According to the film Colosseum a Gladiators Story

EXTRA CREDIT Number of Workers Output (boxes) Marginal Product of Labor Office Rent (dollars) Labor Cost (dollars) Total Cost (dollars) 0    0 —       1 220   400   200   2   250       800 3 680         4   160     1,200 5 940     1,000   6 980       1,600   37)  Suzette’s Fancy Packaging subcontracts with Sunshineland Pecans to box dried fruit and nuts for Suzette’s mail order business. Suzette rents space for her factory for $400 a week in a nearby strip mall. She can hire temporary workers for $200 a week. The table above shows her output and cost data.   a) In the last week of summer, Suzette closes her business to go on a family vacation. What are her costs during that week? b) In one week, Suzette exactly breaks even. If her revenue for the week is $1200, how many boxes of fruit and nuts did she produce?

The profit-maximizing rule for a monopolistically competitive firm is to select the quantity at which

The firm’s profit-maximizing price is

If the labor supply curve shifts to the left and the labor demand curve remains unchanged, what will happen to the equilibrium wage and the equilibrium level of employment?

The most direct effect of immigration is

The demand curve for each seller’s product in perfect competition is horizontal at the market price because

The figure above shows cost and demand curves for a monopolistically competitive producer of iced tea. What is the profit-maximizing output level? What is the profit-maximizing price? At the profit-maximizing output level, how much profit will be realized? Does this graph most likely represent the long run or the short run? Why?

EXTRA CREDIT Consider a typical firm in a perfectly competitive industry that makes short-run profits. Which of the diagrams in the figure shows the effect on the industry as it transitions to a long-run equilibrium?