The graph below shows the demand curve and cost data for a firm operating in a monopolistic competition.

1. The blue line shows: a. Marginal Revenue b. Marginal Costs c. Demand Curve 2. The red line shows: a. Marginal Revenue b. Marginal Costs c. Demand Curve 3. The black line shows: a. Marginal Revenue b. Marginal Costs c. Demand Curve 4. The profit maximizing quantity for this firm is: a. 10 b. 15 c. 5 d. 30 5. What price will this firm set in order to maximize profits (or minimize losses)? a. 30 b. 35 c. 25 d. 10