If the firm's marginal cost curve didn't change but the price went up, what do we expect will happen to the firm's producer surplus?Group of answer choicesincreasedecreaseno change

Producer surplus: Group of answer choicesIs the area under the supply curve above the price line.Is the price a firm receives for a good minus its marginal cost of production, for every unit it sells.Is the firm’s marginal cost minus the price it receives for selling the good for every unit sold.The area between the MB and MC curves.

Consider a market with a downward-sloping demand curve. Assume that all firms in a competitive market are initially in a long-run and short-run equilibrium. Suppose the variable costs of production increase, which shifts up the marginal cost and average total cost curves to the same extent. In the long run we would expect the price to _________ and the number of firms in the market to ___________.Group of answer choicesincrease; decreaseincrease; increasedecrease; decreasedecrease; increaseNone of the above

Consider a constant-cost industry that is perfectly competitive and in which the demand curve is downward sloping. Further, starting from a long run equilibrium assume that firms experience an improvement in technology that lowers average total cost but does not change marginal cost. In the long run, we would expect:Group of answer choicesConsumer surplus to increase and producer surplus to remain unchanged.Consumer surplus to decrease and producer surplus to remain unchanged.Producer surplus to increase and consumer surplus to remain unchanged.Producer surplus to decrease and consumer surplus to remain unchanged.More information is required to answer this question.

When firms price discriminate they turn ___________ into ___________.Group of answer choicesproducer surplus, revenueconsumer surplus, profittotal cost, profitproducer surplus, consumer surplus

Refer to Figure 17-6. In response to the situation represented by the figure, we would expectGroup of answer choicesnew firms to enter the market.the demand for this firm's product to decrease, assuming this firm does not exit.this firm's profit to remain the same.some of the firms that are currently in the market to exit.