Bob's lawn mowing service is a profit maximizing, competitive firm. Bob mows lawns for $27 each. His total cost each day is $280, of which $30 is a fixed cost. He mows 10 lawns a day. What can you say about Bob's short run decision regarding shut-down and his long-run decision regarding exit?   Question 3 options:   Bob should stay in business in the short run as well as in the long run   Bob should quit his business immediately   Bob should stay in business in the short run but quit in the long run   None of the other answers are correct

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