Score: 0 of 1 pt 4 of 10 (9 complete) Exercise 6 Suppose that an industry is characterized as follows: MC AC 1607 C =202 each firm's total cost function 152 144 Q MC = 40 firm's marginal cost function 136- 128- P = 120-1Q industry demand curve 120 112- MR = 120-20 industry marginal revenue curve If there is only one firm in the industry, find the monopoly price, quantity, and level of profit. The monopoly would produce 20 units of output. (Enter your response rounded to two decimal places.) The monopoly would charge a price of $ 100 . (Enter your response rounded to two decimal places.) Profit would be $ 1200 . (Enter your response rounded to two decimal places.) 16- B- MR Find the price, quantity, and level of profit if the industry is competitive 0 8 16 24 32 40 48 56 64 72 80 88 96 104112120 Quantity The industry quantity when competitive would be units