16. What is the lowest price above which firms in this industry will just start making some contribution towards covering their fixed costs of production in the short run? (A) $8 (B) $22 (C) $26 (D) $30 (E) $36 (F) $38 (G) $40 (H) $42 (1) $44 (J) none of the above

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18. Imagine now that there is a technological change in this industry that reduces the cost of producing olives. Total costs fall to TC = 9+ 256. All of the olive-producing firms quickly and costlessly adopt the new technology so that every one of the 100 firms has the same new costs. What will be the new short run equilibrium price? (A) $8 (B) $22 (C) $26 (F) $38 (G) $40 (H) $42 (D) $30 (1) $44 (E) $36 (J) none of the above

14. Now you are told that in the short run there are 400 firms, including this one, in the industry, all 1 with the same cost curves described above. Suppose that the demand curve facing the industry is given by the equation P-44-.002Q where P is the price per unit and Q is the number of units demanded per day. The equilibrium price in the short run is: AVC=14 A) $14 B) $24 C) $26 D) $30 E) $33 F) $35 G) $36 ) 337 1 ) $38 ) none of the above

8. In the short run, this firm will charge a price equal to: (A) $20 (B) $22 (C) $24 (D) $26 (G) $32 (H) $34 (1) $36 (J) $38 (E) $28 (F) $30

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16. What is the lowest price above which firms in this industry will just start making some contribution towards covering their fixed costs of production in the short run? (A) $8 (B) $22 (C) $26 (D) $30 (E) $36 (F) $38 (G) $40 (H) $42 (1) $44 (J) none of the above

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