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A. Is the firm operating in the short-run or the long-run?B. What level of output will minimize the firms cost?C. What level of output will

A. Is the firm operating in the short-run or the long-run?B. What level of output will minimize the firms cost?C. What level of output will maximize the firms profit?D. Is the firm making a profit or loss?E. Should the firm keep operating or shut down?

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The graph below shows the per-unit cost and revenue curves for a perfectly competitive firm. Per-unit Cost and Revenue MC (S ATC AVC 8 MR 120 150 190 Total Product (Output)

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