Using the table for a firm, as (NOTE: should use the rule of prot maximization) 9. Complete the table. 10. Using the table, draw the demand curve, MR curve, and MC curve. 11. Determine the output and price of the prot-maximizing rm. 12. Why can the fn'm not charge higher than the price you choose in #11? 13. Determine the prot of the rm. 14. Determine the prot of the rm in the long run. 15. Using your graph (#10), argue why consumers prefer a competitive market. Competitive Firm 1. With Pk, determine if this firm makes a positive or negative, or zero prot by showing the prot area. 2. With Pk, the price will "increase" "decrease" "not change" in the long run. Select the correct one. 3. With P1, explain if this rm earns a positive or negative, or zero prot. (NOTE: should use the rule of prot maximization / do not need to draw graph) 4. Fill out the table. 5. Find out the breakeven price. 6. With price = $256, determine the output level (Q). 7. With price = $256, determine its total prot. 8. With price = $256, explain what will happen to its prot in the long run