The figures below lustrate the difference between the demand curve for a competitive industry and the demand curve facing an individual fem in that industry Review these figures and answer the following questions Q Q Q Q 6 15 Price (doar) 160 210 Quantity (milions) af the individual firm tried to charge a higher price for its product 300 Price(s) 400 Quantity (thousands) D b. The individual firm has no incentive to charge a lower price for its product because OA. revenue and profit would be lower but the market price would be unchanged. OB. the effect on revenue and profit is unpredictable. OC. revenue and profit would be unchanged. OD. revenue and profit would be lower but the market price would fall slightly. c. The demand curve for an individual firm is horizontal at the current market price because OA. any change in the firm's output has virtually no effect on industry output. OB. the market price is constant OC. the firm adjusts to the market price. OD. changes in the firm's output also change the market price Consider the following total cost schedule for a perfectly competitive firm producing ball-point pens Output per period 0 OA $1.9, $76 OB. $2.05, $114 OC. $0.19 $7.6 OD. $0.27, $11 OE $0.95, $38 10 22898 20 30 TVC (5) 0 2 40 13605 6 50 6 Suppose the prevailing market price for this firm's product is 50.59. If the firm is producing 40 units of output per period, then its prof per unit is TFC (5) 6 6 6 6 and its total proft per period is,