You are the manager of a firm that sells its product in a competitive market at a price of 100. Your firm's cost function is C = 40 + 5Q2. The profit-maximizing output for your firm is 21 Multiple Choice 1 points 01:22:46 O 10 O 8 . O 20. O 12.22 Which of the following is always true under a monopolistic competition market structure? Multiple Choice points 01:22:41 O P > MC. MC = P. O P MR.Refer to the graph that depicts Joe's family restaurant in a perfectly competitive market. If price is P1, the profit-maximizing output 23 MC ATC Price, Costs points P4 01:22:37 AVC P1 Q1Q2 Q3 Q4 Output Multiple Choice O the firm is earning a positive profit. O the firm is earning a loss then a profit. O the firm has zero profits. O the firm is suffering a loss.24 Rochelle is the manager of a firm that sells its product in a monopolistically competitive market with (inverse) demand given by P = 30 - 0.5Q. The firm's cost function can be represented by C(Q) = 40 + 5Q2. What is the firm's marginal revenue? Multiple Choice points 8 01:22:32 O MR = 30 - 0.5Q. O MR = 30 - 2Q. O MR = 30 - Q. O MR = 40 - 0.5Q.2 5 Annie owns a florist and operates in a perfectly competitive market Suppose that price per unit Is 17, If at the point where MC and MR curves intersect, ATC = $18 and AVC = $15, then Annie will Multiple Cholce 1 palms O earn positive prams In the short run. O earn zero prots in the short run. 0 shutdown in the short run. stay open in short run