Question: Given the current conditions shown below in a competitive market, what will happen for the firm and market? (Note the price axes on each graph

Given the current conditions shown below in a competitive market, what will happen for the firm and market? (Note the price axes on each graph are to the same scale) MC ATC C AVC e O Firm earns economic profits; Supply curve doesn't change Firm earns economic profits; Supply curve shifts right the short run but stays open; Supply curve shifts left in the long run Firm earns economic losses in the short run and shuts down; Supply curve shifts left Firm earns no economic profits; Supply curve shifts left

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