Exhibit 23-8 Price and Ct Pece and Cot taand 11 1 10 10 AVC o 70 0 100 100 150 200 QArtity 150 Quarty Refer to Exhibit 23-8. Which of the following is true in the short run of firms A and 8, two perfectly competitive firms? 26. Both firm A and firm B will continue to produce in the short run. a. Firm A will continue to produce and firm B will shut down. b. Firm A will shut down and firm 8 will continue to produce. c. Firm A will continue to produce in the short run and shut down in the long run d. a and d e. Refer to Exhibit 23-8. What is the profit (loss) of firm A at the profit-maximizing (or loss- minimizing) level of production? 27 $300 a. $270 b. $600 c. $400 d. -$300 e. Refer to Exhibit 23-8. What is the total fixed cost of firm A at the profit-maximizing (or loss- minimizing) level of output? 28. 7