Use the following to answer questions (10) through (11): Suppose in Tuvalu, the firm Something's Fishy is the sole provider of fresh fish to the island nation. Further, suppose the daily demand for the product of Something's Fishy is given by: Q = 5,000 - 500P, where Q is the quantity demanded and sold of fresh fish (in pounds) and P is the price of fresh fish (in U.S. dollars per pound). Also, suppose Something's Fishy total cost (TC) per day is: TC = 1,000 + 6Q.

[10] Suppose the owner of Something's Fishy wishes to maximize the firm's profit. Accordingly, at the to the quantity where total revenue is maximized, the firm should instead sell ___ today, since marginal revenue ____ marginal cost.

A. more; is less than

B. less; is less than

C. more; is greater than

D. less; is greater than

[11] The maximum profit for Something's Fishy is closest in value to:

A. $15,000

B. $10,000

C. $5,000

D. $0

Use the following graph of a perfectly competitive rm to answer questions (12) through (15): o 1014 24 30 404447 626668