Suppose a firm is producing an output level for which price exceeds average total cost. From this information, which of the following can be deduced? I the firm is maximizing profits II.the firm is earning positive profits III. the firm is a price taker IV. the firm faces a downward sloping demand curve Select one: O a. Il and Ill only. O b. ll only O c. ll and IV only Odland ill only e.landll only