A firm is maximizing its profit while incurring economic losses. What must be true?a. Total cost > total revenue; marginal cost > marginal revenueb. Total cost = total revenue; marginal cost > marginal revenuec. Average total cost > price; marginal cost = marginal revenue d. Average total cost marginal revenueplease answer the questions in the image :)

The graph below shows the marginal revenue, mar cities for a firm in a perfectly competitive market. $40 $30 S20 At what value would the market price settle in the long run? O $10 $20 $30 $40 $50 Question y[Multiple Choice worth 2 points) (3.06 MC) A dairy farmer is operating in a perfectly competitive market. The market price for milk is between the farmer's average variable cost and average total cost at the profit-maximizing level of output. What will the farmer do? O Produce more milk Produce less milk O Shut down in the short run Operate in the short run and leave the industry in the long run O Insufficient information to determine Question 11(Multiple Choice Worth 2 points) (03.04 MC) A firm is earning positive accounting profits of $1,000 and negative economic profits of $2,000. Therefore, the firm's O explicit costs must be $2,000 O implicit costs must be $2,000 O explicit costs must be $3,000 O implicit costs must be $3,000 profits must be normal