8. Study Questions and Problems #8 The following is a graph of a perfectly competitive firm in the short run. The orange curve is the marginal cost (MC) curve, the purple curve is the average variable cost (AVC) curve, the green curve is the average total cost (ATC) curve, and the three blue curves are different marginal revenue (MR) curves. Refer to the graph to answer the questions that follow. 5 MR 2 4 ATC 3 PRICE (Dollars) MR, 2 AVC MR. MC 0 0 2 3 A 5 QUANTITY (Units per hour)If the firm's demand curve is represented by MR3, the firm Which of the following demand curves indicate that the firm incurs a loss? Check all that apply. O MR1 O MR 2 O MR3 Which of the following demand curves indicate that the firm would shut down? Check all that apply. O MR1 O MR2 O MR3 True or False: The firm's short-run supply curve is its marginal cost curve above the minimum point on its AVC curve. True OFalse