Use your knowledge of microeconomics to answer the questions

(Ch. 12) The following graph shows the cost curves for a perfectly competitive firm producing dash cameras. 205 260 336 365 Quantity The firm's revenue is $ in the short run. The firm's profit (negative if a loss) is $ in the short run. Do not use commas or dollar signs in your answers,just a whole number with no decimal. HUEDI IUI' IL (Ch. 12) The following graph shows the cost curves for a perfectly competitive firm producing dash cameras. 320 300 Price $200 $150 205 260 336 Quantity Which of the following statements is true? 0 In the short run, the rm will produce a positive quantity, but in the long run, it will exit the industry. 0 In the short run, the rm will shutdown, and in the long run, it will exit the industry. 0 In the short run, the rm will produce a positive quantity, and in the long run, it will stay in the industry. 0 In the short run, the rm will shutdown, and in the long run, it will stay in the industry. (Ch. 12) Which of the following statements is true about a perfectly competitive industry? 0 Perfectly competitive rms may earn prots in the long run. 0 The demand curve for an individual perfectly competitive rm is downward sloping because the rm must charge a lower price to increase the quantity sold. 0 Perfectly competitive rms will remain in the industry so long as the price is greater than their average variable cost 0 In the long run, an increase in demand will have no effect on the market price