Economics

Question Consider the following short-run cost curves for a profit-maximizing rm In a perfectly competitive industry. Assume all the rms are Identical and there are not economies of scale. a) Suppose the price is $6. Approximately what quantity will a profit-maximizing firm produce In the short run? Explain. MC b) On the diagram, shade In an area which equals the profit earned by this firm in part (a). SRATC , SRAVC c) What is this firm's shut-down price? Explain. . - - - - . ------ d) In the long run, what will be the price of the product and how many units will this firm produce? Explain