QUESTION 11 3.75 points Save Answer You are the manager of a firm that sells its product in a competitive market at a price of $60. Your firm's cost function is C 50+302. Thus, the marginal costs are MC(Q) = 6Q. Your firm's maximum profits are QUESTION 12 3.75 points Save Answer You are the manager of a firm that sells its product in a competitive market at a price of $14. Your firm's cost function is C = 10 +40 +0.502. Thus, the marginal costs are MC(Q) 4+Q. The profit-maximizing output for your firm is QUESTION 13 3.75 points Save Answer Which of the following is not a characteristic of a competitive market? Buyers and sellers are price takers. Entry is limited. Each firm sells a virtually identical product. Each firm chooses an output level that maximizes profits. QUESTION 14 3.75 points Save Answer When buyers in a competitive market take the seling price as given, they are said to be price takers market entrants monopolists free riders QUESTION 15 3.75 points Save Answer Suppose that in a competitive market the equilibrium price is $2.50. What is marginal revenue for the last unit sold by the typical firm in this market? Less than 2.50 More than $2.50 Exactly $2.50 The marginal revenue cannot be determined without knowing the actual quantity sold by the typical firm.