If a firm has excess capacity, it means question 7 options: a. that the firm's long-run average cost of producing a given quantity exceeds its short-run cost of producing that same quantity. b. that the firm is not producing its minimum efficient scale of output. c. that the firm expends too much of its resources on advertising its product without seeing an appreciable increase in sales. d. that the firm's quantity supplied exceeds its quantity demanded

8. problems and applications q8there are four consumers willing to pay the following amounts for haircuts, and there are four haircutting businesses with the following costs: consumers' willingness to payyvette: $35cho: $15sean: $45bob: $25firms' costsfirm a: $40firm b: $20firm c: $10firm d: $30each firm has the capacity to produce only one haircut.for should be given.which businesses should cut hair? check all that apply.firm afirm bfirm cfirm dwhich consumers should have their hair cut? check all that apply.bobchoseanyvettethe maximum possible total surplus is