1. How can I know the profit maximizing level of output and total profit?
2. Which of the following is true?

a. If price falls below average variable cost the firm will shut down in the short run.

b. Total revenue and marginal revenue are the same in perfect competition.

c. Economic profit per unit is found by subtractingMCfrom price.

d.Economic profit is always positive in the short run.

e. The marginal cost curve serves as the firm's supply curve above the break-even point.