Question 15 4 points Save Ans A certain rural village has numerous small farms which raise livestock. There are two large and equally sized landowners, Jimmy and Bob, which produce hay for the farmers animals. Below is the daily village demand for hay: Quantity Total (in bales) Price Revenue 0 $10 SO 50 $9 $450 100 $8 $800 150 $7 $1,050 200 $6 $1,200 250 $5 $1,250 300 $4 $1,200 350 $3 $1,050 400 $2 $800 450 $1 $450 500 So So Suppose, for simplicity, that Jimmy and Bob have the same constant cost structure, so maximizing total revenue maximizes profit. If Jimmy and Bob initially form a cartel, but subsequently succumb to the temptation to cheat on each other, what will be the Nash equilibrium? O Jimmy and Bob will each earn a daily profit of $625. O Jimmy will earn a daily profit of $700 and Bob will earn a daily profit of $500. O Bob will earn a daily profit of $700 and Jimmy will earn a daily profit of $500. O Jimmy and Bob will each earn a daily profit of $525.Question 16 Which of the following conditions is characteristic of a monopolistically competitive firm in short-run equilibrium? O P MC