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Question 6 1 pts Scenario 14-1 Assume a certain firm in a competitive market is producing Q = 1,000 units of output. At Q = 1,000, the firm's marginal cost equals $15 and its average total cost equals $11. The firm sells its output for $12 per unit. Refer to Scenario 14-1. At Q = 1,000, the firm's profits equal O -$200. O $1,000. O $3,000. O $4,000.Question 8 1 pts Figure 14-1 Suppose that a firm in a competitive market has the following cost curves: + Price 13 12- 11- 10 MC ATC 8- - AVC 9 10 11 Quantity Refer to Figure 14-1. The firm should shut down if the market price is O above $8. O above $6.30 but less than $8. O above $4.50 but less than $6.30. less than $4.50