Use the following to answer questions (1) - (15): Suppose a particular market has two firms, 1 and 2, thatproduce an identical product. The market demand is given by: Q = 30 - P, where Q is the market quantityand P is the market price. Further, suppose 1 and 2 have the following total costs:l's total cost (TC,): TC, = 6q, (where q, is firm I's quantity)2's total cost (TC): TC, = 292 (where 9, is firm 2's quantity)

[12] Suppose 2 becomes a Stackelberg leader, while 1 becomes a Stackelberg follower. Solving by using backwards induction, the market price is closest in value to: A. 15 B. 10 C. D. [13] Suppose 2 becomes a Stackelberg leader, while 1 becomes a Stackelberg follower. Solving by using backwards induction, 1's profit is closest in value to: 20 B. 30 C. 40 D. 50 [14] Suppose 2 becomes a Stackelberg leader, while 1 becomes a Stackelberg follower. Solving by using backwards induction, 2's profit is closest in value to: A. 120 B. 100 C. 80 D. 40 [15] If 1 and 2 formed a cartel, joint profit is maximized by having 1 service the entire market (i.e., have 2 produce nothing). A. True B. False