Mary is 16 years old and promises her mother that she will not smoke cigarettes until she is 18, the age under state law for legally purchasing and possessing tobacco. In exchange, her mother gives her $1,000. There is sufficient consideration for a valid contract. a. trueb. false

Assume a competitive firm faces a market price of $60, a cost curve of c = 0.003q^3 + 25q + 750, and a marginal cost of curve of: mc = 0.009q^2 + 25.the firm's profit maximizing output level (to the nearest tenth) is , and the profit (to the nearest penny) at this output level is $ will cause the market supply to (shift right/shift left). this will continue until the price is equal to the minimum average cost of $