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a)Complete the following table.In which type of market is this firm operating?Explain your answer briefly. b) At which level of price and output does this

a)Complete the following table.In which type of market is this firm operating?Explain your answer briefly.

b) At which level of price and output does this firm maximize its profit?

Explain the price-marginal revenue relationship in this market.

P Q TR MR FC VC TC MC PROFIT 10 0 8 0 9 1 5 8 2 8 7 3 10 6 4 11 5 5 13 4 6 16 3 7 20 2 8 25

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