In the short run, at a market price of $8 per shirt, this from will choose to produce __________shirts per dayA. 56,000B. 8,000C. 16,000D. 80,000E.36,000F. 180,000This area of this rectangle indicated that the firm would have _________of ________ per day.1. An economic loss 2. A profit OF per dayA. 36,000B. 80,000C. 8,000D. 180,000E. 16,000

CENGAGE | MINDTAP Perfect Competition : Aplia Homework consider a perfectly competitive market for shirts. The following graph shows the dally cost curves of a firm operating in this market. PRICE AND COST [Dollars per shirt] 20 MC Profit or Loss 16 ATC AVC 24 32 40 OUTPUT (Thousands of shirts per day) Help Clear All In the short run, at a market price of $8 per shirt, this firm will choose to produce shirts per day. On the previous graph, use the blue rectangle (circle symbols) to shade the area representing the firm's profit or loss if the market price is $8 and the firm chooses to produce the quantity you already selected. Tool tip: Mouse over the shaded region on the graph to see its area. The area of this rectangle indicates that the firm would have per day. For each price in the following table, calculate the firm's optimal quantity of units produced and determine the profit or loss if it Type here to search O Do