Figure 8 - 7 Dollars MC E / ATC AVC Output 3.a) Figure 8.7 shows cost curves for Penny's Parasols, a perfectly competitive firm. At which of the point would Penny's Parasols be certain to close down? A, B, C, D, or E. Explain: 3.b) Figure 8.7 shows cost curves for Penny's Parasols, a perfectly competitive firm. At which point(s) would Penny's Parasols endure economic losses, but continue to produce in the short run? D, F, A, C, or E. Explain: 3.c) Which point in Figure 8.7 represents a break-even situation for a perfectly competitive firm? A, B, C, D, or E. Explain: 3.d) At which point in Figure 8.7 would a perfectly competitive firm earn the same profit, or suffer the same loss, by producing rather than by shutting down? A, B, C, D, or F. Explain: Choose and explain your answer above thoroughly--graphical, algebraically, numerically. EXPLAIN IN DETAIL. THE MORE ECONOMIC CONCEPTS YOU USE IN YOUR EXPLANATION THE HIGHER YOUR SCORE. Tips: Use white paper. Use colored pens/pencils. Be careful in photo/scan so the answer is legible