help! chapter 8

6. (2 points) In perfect competition, there are (highlight/bold one choice for each of a. through d.) a. sellers who are price makers/sellers who are price takers b. identical products from different sellers/differentiated products from different sellers c. few barriers to entry and exit/many barriers to entry and exit d. many sellers/few sellers 7. (2 points) a. Using the information provided in the table below, fill in the rest of the table's missing values. Quantity (Q) Total Cost (TC) Total Revenue Profit (TR) 0 40 0 1 60 70 2 90 140 3 140 210 4 220 280 5 320 350 6 470 420 b. At what level of quantity does this firm maximize profit? Answer by filling in the blank: Quantity (q) = 8. (2 points) Suppose a perfectly competitive firm faces marginal revenue of $6. a. What dollar value of marginal cost should the firm try to achieve? b. Why did you choose your particular answer for part a.? 9. (2 points) Can a firm operating at a price and quantity lower than its break even point stay in business? Why or why not