Q Question 1 1 / 1 pts Consider the following statements about an individual firm in a perfectly competitive market: (I) The firm's output level is very small relative to market output; therefore, the firm cannot influence the price, but rather takes the market price as given. (II) The firm faces a downward sloping marginal revenue curve. (III) The firm will maximize profit in the short run by setting quantity such that the difference between MR and MC is maximized. Letting "q" denote the number of chips produced per year, what are your total economic costs of production for the coming year, taking into account all of the relevant opportunity costs that you face? Which are true in a perfectly competitive market? Question 2 1 / 1 pts Which of the following is NOT a characteristic of perfectly competitive markets? Question 3 1 / 1 pts The Burn company produces candles in a perfectly competitive industry. Burn's average variable cost at its current output level is $3 per candle. It's average total cost per candle is $6 per candle. If the market price is $4.50: Question 4 1 / 1 pts The figure shows the cost curves for a competitive firm. If the profit-maximizing level of output is 40, price is equal to