Name: Short-Responses (CH8) Make sure you do not start this assignment till you have studied all the posted resources. You get 1 opportunity to take it where you apply the material reviewed for the week. To submit your answer, download the attached word or pdf document, type your full name/answers and upload the word document. Briefly explain what a market will show if perfectly competitive firms produce at the minimum of the long-run average cost curve and explain why this happens. Briefly explain what the market will illustrate when perfectly competitive firms produce at the quantity where P = MC and explain why this happens. Briefly explain the nature of a perfectly competitive firm. Briefly discuss the effects of new entrants into a perfectly competitive market on existing firms that have profits in the short run. Briefly explain the relationship between market price and a firm's profitability in perfectly competitive market. Briefly explain how the zero-profit point and the shutdown point for a firm operating in a perfectly competitive market are each determined. Briefly explain what is meant by: 1) account profit; 2) economic profit; and 3) zero economic profit