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A firm in a perfectly competitive market has a short-run cost function given by Cs (y) = y' + 25. Suppose that p = 10 and the firm is making 0 in profits at its current quantity. What should the firm do? O Change nothing O Shut down and produce 0 O Raise its price O Increase the quantity producedJam is paid an hourly wage to for his work as a research assistant at a think tank. He spends the rest of his time on leisure. He is a standard consumer in our labor supply model: he has well-behaved preferences oyer consumption and leisure and he buys the consumption good with his wages and his nonwork income m . Initially. he cheeses to work 5 hours a day. When his employer increases his wage+ he decides to work fewer hours per day. What might explain why he would do this? ' Work is a necessary good " The opportunity cost of leisure has gone down ' The income effect of the change is larger than the substitution effect ' ' His nonwork income must haye decreased