MC P. ATC P, AVC P2 P, 18. Refer to the above diagram for a purely competitive producer. The lowest price at which the firm should produce (as opposed to shutting down) is: A. P,. В. Р. С. Рз- D. P4. 19. Refer to the above diagram for a purely competitive producer. The firm will produce at a loss at all prices: A. above P,. B. above P3. C. above P4. D. between P, and P3. 20. Refer to the above diagram for a purely competitive producer. If product price is P3: A. the firm will maximize profit at point d. B. the firm will earn an economic profit. C. economic profits will be zero. D. new firms will enter this industry. 그

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