Section B4: Fill-in-the-Blank Questions The questions in this section are worth 6 points in total The inverse market demand in some industry is p = 38 - 2q. Firms in the industry use a technology with a fixed marginal cost. A firm producing y units incurs a total cost c(y) = 2y- Question 32 1.5 pts Suppose that the market is served by two firms, where Firm 1 is first to choose the quantity it would supply, and Firm 2 chooses the quantity it would supply only after observing Firm 1's decision. In equilibrium, the market price would be the total quantity supplied by the two firms together would be the total profit made by the two firms together would be