A firm in a competitive market has the following cost structure: Output Total Cost 0 $5 1 $10 2 $12 3 $15 4 $24 $40 6. If the market price is $3, this firm will a. produce three units in the short run and exit in the long run. b. produce four units in the short run and face competition from new market entrants in the long run. c. produce three units in the short run and face competition from new market entrants in the long run. d. shut down in the short run and exit in the long run. A firm in a competitive market has the following cost structure: Output Total Cost 0 $20 1 $40 2 $48 3 $60 4 $96 5 $160 7. The market is in the long run. What must be the price in the market in the long-run? a. $22 b. $24 C. $20 d. $16 e. None of the above 8. The total cost function for a PC firm is as follows: TC=100+160Q-802+0.403 What is the minimum price a firm would accept to stay open in the short-run? a. P=$20 b. P=$80 C. P=$120 d. P=$100 e. None of the above