Consider the perfectly competitive market for halogen lamps. The following graph (in the first screenshot) shows the marginal cost (MC

MC), average total cost (ATC

ATC), and average variable cost (AVC

AVC) curves for a typical firm in the industry.

For each price in the following table, use the graph to determine the number of lamps this firm would produce in order to maximize its profit. Assume that when the price is exactly equal to the average variable cost, the firm is indifferent between producing zero lamps and the profit-maximizing quantity. Also, indicate whether the firm will produce, shut down, or be indifferent between the two in the short run. Lastly, determine whether it will make a profit, suffer a loss, or break even at each price.

On the following graph located in the second screenshot, use the orange points (square symbol) to plot points along the portion of thefirm'sshort-run supply curve that corresponds to prices where there is positive output. (Note: You are given more points to plot than you need.)

This is the last question where it is a fill in the blank. The options are 1. a.produce or b.shut down and 2. a.firms will neither enter or exit b. some firms will enter c. some firms will exit. At the current short-run market price, firms will________________ in the short run. In the long run,___________.

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