11. Given the following schedule, what price and output level would a profit-maximizing price searcher choose?

Units ofSale PriceTotal

Output(per unit)Cost

1$10$10

2$9$11

3$8$13

4$7$16

5$6$20

6$5$25

P = ?and Q = ?

(Note: Answer with Price and Quantity for this problem)

12. Which of the following statements is true when long-run equilibrium conditions are present in price-taker and competitive price-searcher markets? (Note for this problem, there is more than one correct answer).

a. P= MC for price-taker, and P > MC for competitive price-searcher markets.

b. P = MC in both price-taker and competitive price-searcher markets.

c. P = ATC in both price-taker and competitive price-searcher markets.

d. Economic profits are zero for both price-taker and competitive price-searcher markets.

e. P = ATC in price-taker markets; P = MC in competitive price-searcher markets.