QUESTION 17 Suppose that a firm in a competitive market faces the following revenues and costs: Quantity (Units) Total Revenue (Dollars) Total Cost (Dollars) 0 6 12 8 13 18 12 4 24 17 5 30 23 16 36 30 7 42 38 Refer to the table above. In order to maximize profits, the firm will produce O 1 unit of output because marginal cost is minimized O 4 units of output because marginal revenue exdeds marginal cost O 5 units of output because marginal revenue equals marginal cost O 7 units of output because total revenue is maximized