Homework 5: Production, Costs, and Industry Structure & Competitive Market Respond to the question below. You should include supporting information in your response from assigned readings, research, or personal experience. Your response needs to be clear, concise, complete, and free of grammatical. 12 font typeface and double space. 1) Explain why the marginal cost (MC) is important. 2) Explain the relationship between MPL and MC. 3) Explain how firms in the competitive market find the quantity that will maximize their profit