Question: D Question 9 4 pts The cost function for a firm in a perfectly competitive industry is C(Q) = 50 + 202. If the market

D Question 9 4 pts The cost function for a firm in a perfectly competitive industry is C(Q) = 50 + 202. If the market price Is $12, which of the following statements is correct? O The firm should produce 0 units (go out of business) since P . ATC. O The firm should produce 3 units of output and continue to operate in the short run since P > AVC. The firm should produce 5 units of output and continue to operate in the long run since P > ATC. O The firm should look for strategies to increase its profit by raising the price

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