Which of the following is true in a market characterized by perfect competition? Select one: Ca. All firms produce a slightly differentiated product. b. Firms can freely enter the market in the short run. Oc. Firms can not freely exit the market in the short run and avoid all costs. Od. Consumers know very little about prices charged by all firms.In general, which of the following is the best explanation of a firm's rule for reaching maximum profit? Select one: Oa. Increase output until marginal revenue equals price. Ob. Increase price until the difference between marginal revenue and marginal cost equals zero. )G. Increase output as long as marginal revenue is less than marginal cost. Od. Increase price until total revenue equals total cost. Oe. Increase output until total revenue is maximized.Consider the following information for a prfectly competitive firm during a one month time period. Assume that Q = the level of output and all costs are economic costs. Market price = $12. Total cost =60 + 2Q + 0.5Q2 Marginal cost=3+Q At the profit-maximizing or loss-minimizing output level, economic profit would equal: Hint: Solve for Q first. Remember, a firm maximizes profit producing a level of output where the last unit has a marginal revenue equal to its marginal cost. Select one: Oa. +5108 Ob' -510.50 Oc- -575 Od- +5118.50