:I. CENGAGE MINDTAP Q Search this course ? Module Five Quiz 0 X l? Firm Market 1/) i g .2 _____Al.+ 0 (D U 0 I E 'E m D. l1) .2 E P1 lli' Quantity Quantity If firms in the market are producing output but are currently making economic losses, P2 illustrates the present situation for the typical firm in the market, and 52 indicates the corresponding supply curve. Assuming there is no change in either demand or the firm's cost curves, which of the following statements is true about what will happen in the long run? Check all that apply. :1 Average total cost will increase. 3 The quantity supplied by each firm will increase. 3 Marginal cost will increase. 3 The price of fertilizer will decrease. 3 The total quantity supplied to the market will increase. Grade it Now Save & Continue Continue without saving :I. CENGAGE MINDTAP Q Search this course ? Module Five Quiz 0 X b Back to Assignment it Attempts 1 I 1.3 I Keepthe Highest1.3/3 The market for fertilizer is perfectly competitive. Firms in the market are producing output but are currently making economic losses. A-Z 13. Firms in Competitive Markets i ILA Which of the following statements is true about the price of fertilizer? Check all that apply. [3 The price of fertilizer must be greater than average total cost. [3 The price of fertilizer must be greater than marginal cost. C] The price of fertilizer must be greater than average variable cost. The following graphs show the cost curves faced by a typical firm, the demand for fertilizer, and possible price and supply curves. Firm Market ATC -------+ Price and Costs Price Quantitv Quantity