. 1 . 1 _ . __. l _ _ . 1,, 41M, ,4itc, VJ _ 1 1.. __ l. ._. I...-....M_J._.___J_._..._.__._L._._'____J_ __1____.Ji4_T Consider a perfectly competitive market. A competitive firm In this market has the following total cost structure: m \" suppose that the market price is 10$. b) If the firm decides to stay in business, determine how many units will be " produced and the prot of the firm. _ c) Should the rm decide to stay in business or is it better for it to shut-down in the " short-run? Explain why. _ d) What is likely to happen to the market price and number of firms in the long- run? e) Determine the shape of MPL, illustrate it on a diagram and explain your answer. J__l_. I l l l E | u i i . . . . _