Price MC 156 99 90 77 ATC $50 -AVC I D = AR - MR Quantity 95 (millions) 5 10 12 20 8. In the above exhibit, the perfectly competitive firm should a. shut down b. produce ten units of output C. produce twelve units of output d. produce twenty units of output 9. In the above exhibit, the maximum economic profit (or minimum economic loss) for the firm is a loss of $540 b. loss of $480 C. profit of $60 d. loss of $180 10. The short-run supply curve of a perfectly competitive firm is a. its average fixed cost curve b. the part of its marginal cost curve rising above the average variable cost curve C. the part of its marginal cost curve below the average variable cost curve d. marginal product curve e. its average total cost curve