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50 45 MC ATC AVC -40 35 Price and cost (dollars per frome) 30 25 20 15 10 5 0 100 200 300 400 500

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50 45 MC ATC AVC -40 35 Price and cost (dollars per frome) 30 25 20 15 10 5 0 100 200 300 400 500 Quantity (frames per week) The figure illustrates the short-run costs of Paul's Picture Frames Inc. The picture frame market is perfectly competitive and the market price is $30 a frame. Paul produces frames each week, makes of total revenue and makes zero profit Select one: O a. 300; $9,000; normal O b. 300: $9,000; economic OC. 200: $4,000; economic O d. 200; $4,000, normal

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