n Consider a firm, under perfect competition, where in the short run, sees the market price for

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Consider a firm, under perfect competition, where in the short run, sees the market price for good x as $47 a unit. The firm's marginal cost function is: MC(q) = q² + 11 The firm wishing to maximize profits will produce how many units given that the firm's total fixed cost is $5 (in millions)? Suppose, that in the long run, the firm now sees the market price, per unit of good x, as $20. Assuming that the firm will maintain that same level of output, can the firm stay in business? (a) Output is 6 units and in the long run, the firm can stay in operation since the firm's total revenue exceeds the firm's total fixed cost. (b) Output is 6 units and in the long run, the firm can stay in operation since the firm's total revenue exceeds its marginal cost of production. (c) Output is 6 units and in the long run, the firm cannot stay in operation since the firm's total revenue falls short of its total variable cost of production. (d) None of the above. Consider a firm, under perfect competition, where in the short run, sees the market price for good x as $47 a unit. The firm's marginal cost function is: MC(q) = q² + 11 The firm wishing to maximize profits will produce how many units given that the firm's total fixed cost is $5 (in millions)? Suppose, that in the long run, the firm now sees the market price, per unit of good x, as $20. Assuming that the firm will maintain that same level of output, can the firm stay in business? (a) Output is 6 units and in the long run, the firm can stay in operation since the firm's total revenue exceeds the firm's total fixed cost. (b) Output is 6 units and in the long run, the firm can stay in operation since the firm's total revenue exceeds its marginal cost of production. (c) Output is 6 units and in the long run, the firm cannot stay in operation since the firm's total revenue falls short of its total variable cost of production. (d) None of the above.