2 A firm sells its product in a perfectly competitive market where other firms charge a price of $80 per unit. The firm's total costs are qa-70+8o 202 0.2 points a. How much output should the frm produce in the short run? b. What price should the firm charge in the short run? c. What are the firm's short-run prfofits? d. What adjustments should be anticipated in the long run? Entry will occur until economic profits shrink to zero No firms will enter or exit at these profits Exit will occur since these economic profits are too low