Quiz 2, Monday, April 5 1. [4 pts] Use Figure 1 below to answer the following questions: 10 MC $ per unit AC V UT AVC 4 -.... W N 1 0 H 2 4 6 7 8 9 q Figure 1 (a) If this competitive firm faces a market price of $7, its long-run profits equal: A) 7 B) 14 C) 21 D) 35 E) 49