Answer it correctly please. Give reason. I Figure ISuppose that a firm in a perfectly competitive market has the following cost curves:Price13+12110MCATCAVC636.31-1236.9 10 11Deantity(Attention: If you can't see Figure 1. please click here to download and view the image. Thank you.)Refer to Figure 1. If the market price is $5.28, the firm will earnO positive economic profits in the short run.O negative economic profits and shut down.zero economic profits in the short run.O negative economic profits in the short run but remain in business.

A firm in the perfectly competitive firm produces at MC=P if P>min(AVC). min(AVC)=$4.5 so the…

Suppose that a firm in a perfectly competitive market has the following cost curves: 13- 12 11 10 MC ATC AVC 1. 2 3 89 10 11 (Attention: If you can't see Figure 1. please click here to download and view the Refer to Figure 1. If the market price is $5.28, the firm will earn O positive economic profits in the short run. O negative economic profits and shut down. O zero economic profits in the short run. O negative economic profits in the short run but remain in business.

Suppose that a firm in a perfectly competitive market has the following cost curves: 13- 12 11 10 MC ATC AVC 1. 2 3 89 10 11 (Attention: If you can't see Figure 1. please click here to download and view the Refer to Figure 1. If the market price is $5.28, the firm will earn O positive economic profits in the short run. O negative economic profits and shut down. O zero economic profits in the short run. O negative economic profits in the short run but remain in business.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Answer it correctly please. Give reason. I

Figure I
Suppose that a firm in a perfectly competitive market has the following cost curves:
Price
13+
12
1
10
MC
ATC
AVC
636.
3
1-
123
6.
9 10 11
Deantity
(Attention: If you can't see Figure 1. please click here to download and view the image. Thank you.)
Refer to Figure 1. If the market price is $5.28, the firm will earn
O positive economic profits in the short run.
O negative economic profits and shut down.
zero economic profits in the short run.
O negative economic profits in the short run but remain in business.

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