\fQUESTION 1 The FIRST 10 questions on this form pertain to your work on the PERFECTLY Competitive MARKET STRUCTURE question. The price charged by the individual producer for this product is $ (numeric) 14 QUESTION 2 The equilibrium quantity for the firm is (numeric). 50 QUESTION 3 Suppose there were 10,000 identical firms. The price the market will charge for a bushel of wheat when it maximizes its profit is $ (numeric) 14 QUESTION 4 The marginal revenue (MR) the individual producer receives when it maximizes its profit is $ (numeric) 5 Click Save and Submit to save and submit. Click Save All Answers to save all answers.\fCompletion Status: QUESTION 8 The total cost of production to this firm when it maximizes its profit is $ (numeric). QUESTION 9 This firm will earn $ profit (Numeric) when it maximizes its profit QUESTION 10 Which of the following statements best depicts what will happen to this firm in the long run? The firm will continue to earn profit in the long run New firms will enter and cause this firm to earn a loss to balance the previous profits earned by the firm O New firms enter the market, causing the price to fall until zero profit is earned by all firms in this industry O The firm will produce more wheat than it currently does until the MC = ATC and it breaks even. QUESTION 11 Now look at the MONOPOLY TABLE and your answers to the MONOPOLY questions The profit maximizing output for this monopolist is units (numeric)