$20 M A E 20 30 40 45 60 75 The graph above shows cost curves of a firm in a competitive market. Several points are marked on the graph to allow tracing curves. Some of them can also be used to indicate various prices. Refer to the graph to answer the following questions: 1. The short-run supply of the firm can be traced by connecting points 2. If the market price is $60 then in the short-run the firm would supply units. At this price the firm would 3. If the market price is $20 then in the short-run the firm would supply units. At this price the firm would 4. If the market price is $35 then in the short-run the firm would supply units. At this price the firm would 5. In the short run, the firm is better off continuing to operate (i.e. Q>0) despite losses if the price is in the interval above and below $ ATC $60 $50 K $35 L $20 E F M A MC H AVC D I 20 30 40 45 60 75 The graph above shows cost curves of a firm in a competitive market. Several points are marked on the graph to allow tracing curves. Some of them can also be used to indicate various prices. Refer to the graph to answer the following questions: 1. The short-run supply of the firm can be traced by connecting points AMLKFD 2 rice is $60 then in the short-run the firm would supply AMCEI AMCEFH rice the firm would AMLEI 3 AMCEFD AMLKFH AMLEFH rice is $20 then in the short-run the firm would supply rice the firm would 4. If the market price is $35 then in the short-run the firm would supply units. At this price the firm would