Question: Suppose the figure to the right illustrates the short-run cost curves for a firm in a perfectly competitive market. Let MC be the marginal cost curve, ATC be the short-run average total cost curve, and AVC be the average variable cost curve.
At what price will the firm break even in the short run?
The firm will earn zero economic profit in the short run at a price of s per unit. (Enter your response as an integer value)
At what price will the firm shut down in the short run?
The firm will shut down in the short run if price falls below per unit. (Enter your response as an integer value.)
