The price in the market below is known to be $2.50.Answer questions below using the chart.

Q	TC	ATC	MC
0	5	0	0
5	10	2	1
10	25	2.5	3
15	45	3	-4
20	70	3.5	5

ATC = TC/Q

MC =Cost/Q

This firm is in the market structure called _____________ (monopoly, perfect competition, oligopoly or monopolistic competition) because the firm is a _______________ (price taker or setter)

At a market price of $2.50, the optimal output the firm will produce is __________________ (0, 5, 10, 15, 20)

The profit earned by the firm at a market price of $2.50 is _________

If the market price increases to $4.50, the optimal output the firm will produce _________________ (0, 5, 10, 15, 20)

The profit earned by the firm at a market price of $4.50 is ____________

The long run price in this market is the minimum _________________ (avg. variable / avg. fixed / avg. total) cost.

The value of the long run price in this market is $________.