1. What type of demand curve does a perfectly competitive firm face? Why? variable costs in the short run. 2. A perfectly competitive firm has the following fixed and The market price for the firm's product is $150. Output FC Profit/Loss $100 100 AWNO 100 TIILI 13 100 a. Complete the table. b. At what output rate does the firm maximize profit or minimize loss? c. What is the firm's marginal revenue at each positive level of output? Its average revenue? 3. In the individual firm graph below, please circle the Golden Rule/profit maximizing/loss minimizing point on the individual firm graph. 4. In the individual firm graph below, please circle the total cost at the Golden Rule/profit maximizing/loss level of output Market Individual Firm Price + 88 + ATC AVC 10 = AR = MR $50 68 71 AL Quantity (millions) L 0 10 12 20 5. T#purely competitive firm in the above exhibit should a. shut down b. producc 5 units of output c. produce 10 units of output d. produce 12 units of output c. produce 20 units of output 6. At the profit-maximizing/loss-minimizing level of output, what is the firm's profit or loss? Based on this situation, what do you recommend for the firm and why