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QUESTION 1 If the price of a good in a competitive market is set below the point where MC=AG. Does this firm make positive, negative, or zero profits? f\" a. positive f\" b. negative f\" c. zero f\" d. not enough information QUESTION 2 A firm operating in a competitive environment has the following cost function: 00:) = 3y2 +%y +23l If this firm is operating at a level of zero profits, how much 5! is the firm producing? : QUESTION 3 Use the information in this question for questions 3-5. Two firms operating in a competitive environment have the following supply functions: 51(P)=P-13 S2(D)=2P-12 Where S1 (p) is the supply function of firm 1 and S2 (p) is the supply function of firm 2. At what price does firm 2 enter the market : QUESTION 4 At what level of output does the industry supply curve have a kink in it? E QUESTION 5 What is the slope of the market supply curve when p>12? (Remember when plotting the supply curve p is on the vertical axis and y is on the horizontal axis)