a) (6 points) List 3 key characteristics of a perfectly competitive market (not individual firm) b) (10 points) State and explain briefly the short-run shut down rule c) (6 points) State the profit maximization condition. d) (8 points) With help of hypothetical MC, ATC, MR and Demand curves of a perfectly competitive firm, illustrate a loss for the firm. e) (10 points) With help of hypothetical MC, ATC, AVC, MR and Demand curves of a perfectly competitive firm, illustrate and explain in words the condition in which the loss-incurring company will stop producing (shut down)