T Price 2. (TOPIC 8) Suppose a firm in a competitive industry has the following cost curves: 10 MC ATC AVC H A. If the price is PI in the short run, does the firm make a positive profit? what will happen in the long run? B. If the price is P3 in the short run, does the firm make a positive profit? what will happen in the long run? Should this firm shut down? C. What should the firm do in the short run if the price is P47