2. Which of the following assumptions about perfectly competitive market gives rise to zero long run economic profits? (a) large number of sellers and buyers "b) lack of barriers to entry c) identical product d) perfect information Given the graph below, answer the following six questions Price ($) d = MR 30 - 20 - 10- 0 7 8 9 Quantity of output 3. If the firm produced and sold an additional unit of output, by how much would its total revenue change? (a) $0 (b) $ 10 (c) $ 30 (d) $ 40 4. What is the firm's profit-maximizing output level? (a) 1.7 (b) 2.6 (c) 3.6 5. What is the firm's total revenue at the profit-maximizing quantity? (a) $ 30 (b) $ 200 (c) $ 150 (d) $ 50 6. What is the firm's average total cost at the profit-maximizing quantity? (a) $ 30 (b) $ 200 (c) $ 150 (d) $ 50 7 . What is the firm's total cost at the profit-maximizing quantity? (a) $ 30 (b) $ 200 (c) $ 150 (d) $ 50 8. What is the firm's maximum profit? $ 30 (b) $ 200 (c) $ 150 (d) $ 50