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USE THIS INFORMATION TO ANSWER THE NEXT 5 QUESTIONS: Suppose there are sellers of a new product, called WIDGETS. Each seller's widgets are identical to

USE THIS INFORMATION TO ANSWER THE NEXT 5 QUESTIONS: Suppose there are sellers of a new product, called WIDGETS. Each seller's widgets are identical to the other sellers' widgets. Widgets are easy to make and do not require any expensive equipment or advanced skills. The current price of widgets is $16 each. Here is Allie's costs for producing widgets: Output AFC AVC ATC MC O 1 $30 $15 $45 $45 2 $15 $14 $29 $13 3 $10 $13 $23 $11 4 $7.50 $16 $23.50 $25

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