The manager of a competitive firm will:
Produce rather than shut down if the forecasted price of the product is greater than ________.
Produce and make an economic profit if the forecasted price of the product is greater than ________.
Produce at a loss if the forecasted price is less than ________ but greater than ________.
Shut down if the forecasted price is less than ________.
Minimize loss by producing the level of output where ________ equals ________ when forecasted price is greater than ________ but less than ________.
Maximize profit by producing the level of output where ________ equals ________ when forecasted price is greater than ________.