Question: Consider the graph below for Crotty's Soap Supply, a firm that operates in a perfectly competitive market What can be said about the Crotty's

Consider the graph below for Crotty's Soap Supply, a firm that operates

Consider the graph below for Crotty's Soap Supply, a firm that operates in a perfectly competitive market What can be said about the Crotty's economic profits if the market price is P2? ATC AVC o QI 02 03 04 Output O O O O O Additional information is needed to determine the 'Nonanic profits. Ecoromic profits are zero. Ecoromic profits are positive. The firm should shut down. Ecoromic profits are tugatlve.

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