I'm struggling in this question, please help me explain. Thank you so much!

Choice Two: 1. Based on the information, state whether the perfectly competitive firm should shut down or continue to operate in the short run. a Q=100;P=$'|0;AFC=$3;AVC=$4, c Q = 70; P = $5; AFC = $2; AVC = $7, 0 0:150;P=$T;AFC=$5;AVC=$6. 2. For each of the following scenarios, determine which market model best describes the scenario. Then identify the number of firms, the type of product, and the ease with which new firms can enter the market under this market structure. a. Hundreds of colleges serve millions of students each year. The colleges vary by location, size, cost, and educational quality, which enables students to match schools to their diverse preferences b. Dozens of companies produce plain white socks. The standard technology for producing socks is widely known and available to anyone who wants to enter the business. c. Three airlines operate between San Francisco and San Diego. There are not enough potential customers to share the route with a fourth airline without causing the average costs of the existing competitors to rise substantially. Consumers view all airlines as the same service and will select the least expensive one. d. Only one pharmaceutical company has a government patent to sell an experimental drug. Scenario Number Of Market Model firms