Micro Economics homework questions 10-11 attached

10. Which of the following statements is correct. with reference to the figure below? P MC A ATC AVG B C (A) A is the shutdown point. (B) B is the shutdown point. (C) C is the zero profit point. (D) A is the profit maximizing point. (E) B is the profit maximizing point. 11. Which of the following would occur if a single farm in perfect competition lowered its price below the long-run equilibrium market price? A) All other farms would lower their prices, too. B) It would not be maximizing profit. C) It would get a larger share of the market, and this would be profitable for it. D) Other farms would be driven out of the industry. E) Other fams would enter the industry