9. TRUE lFALSE: Suppose a Monopoly faces a constant marginal cost of $20, produces an output level of 200 units, and charges a price of $100. A Perfectly Competitive market produces 400 units. The monopoly deadweight loss equals $4,000. 10. Which of the following is true under monopolistic competition in the short run? a. P=MC b. P=MR c. P>ATC d. None ofthe above 11. You are the manager of a monopoly that faces a demand P = 90 5Q. Your costs are TC = 20 + 10Q. How much output would you produce if you were maximizing profits? How much would you produce if maximizing revenues? a. Q for maximizing prots = 3; Q for max revenues =9 b. Q for maximizing prots = 3; Q for max revenues =10 c. Q for maximizing prots = 9; Q for max revenues = 8 (1. Q for maximizing prots = 3; Q for max revenues = 8 e. None of the above Answer Questions 12-13 below using the following information A perfectly competitive rm's total cost function is given by: TC = 400+4Q3; the market demand is given by: Q=120-P 12.What is the price of the product in the long-run? a. P=$40 b. P=$6D c. P=$80 (1. None ofthe above 13.How many firms are in the market in the long-run? a. N=2 b. N=3 c. N=4 (1. None ofthe above