The Hopp's Farm sells a product (carrots) in a purely competitive (price-taker) market. The marginal cost of the product at the current output of 1,000 units is $0.50. The marginal cost rises with higher levels of output. The minimum possible average variable cost is $0.30. The market price of the product is $0.50. To maximize profits or minimize losses, the Hopp's Farm should: A Continue producing 1,000 units B Increase production to more than 1,000 units C Continue production, but produce less than 1,000 units D Shut downThe Just Nuts Company sells peanuts in a purely competitive (price-taker) market. The marginal cost of the peanuts at the current output of 800 units is $3.50. The marginal cost rises with higher levels of output. The minimum possible average variable cost is $3.00. The market price of the peanuts is $4.00/unit. To maximize profits or minimize losses, the Just Nuts Company should: A Increase production to more than 800 units B Continue producing 800 units C Shut down D Continue production, but produce less than 800 unitsThe ]&J Company sells a product in a purely competitive (price-taker) market. The marginal cost of the product at the current output is $4.00 and the market price is $4.50. The marginal cost curve is increasing at the current level of output. What should the ]&J Company do? A Decrease output if the minimum possible average variable cost is below $4.50 B Shut down if the minimum possible average variable cost is below $4.50 Decrease output if the minimum possible average variable cost is above $4.50 D Increase output if the minimum possible average variable cost is below $4.50The Corinth Farm sells feed corn in a purely competitive (price-takers) market. The marginal cost of feed corn at the current output of 20,000 units is $4.00. The marginal cost rises with higher levels of output. The minimum possible average variable cost is $3.50. The market price of the product is $3.00. To maximize profits or minimize losses, the Corinth Farm should: A Increase production to more than 20,000 units B Shut down C Continue to produce 20,000 units D Continue production, but produce less than 20,000 units