PLEASE HELP ANSWER THESE QUESTIONS!! I DONT UNDERSTAND!! I would greatly appreciate it these are multiple choice thank you :)

Question 1. Excelsia is a firm in a perfectly competitive industry. At its profit-maximizing level of output, average total cost is not minimized, and its variable coat is higher than its price. What will Excelsis decide to do? A) Operate in the short run but leave the market in the long run B) Change output to meet the firmis average total cost minimum () Shut down in the short run D) Increase price until the firm is earning normal profit [) Decrease output until the firm is earning normal profit Question 2. Which of the following would disqualify a firm's market from being considered perfectly competitive? Al The firm has no market power. By The firmn sells a product that is indistinguishable from its competitors. C)The firm discovers a production cost-saving measure that competitors do not know. D)The number of linens increases E) The minimum efficient scale of the market goes from a very high is a lower level of output Consider the following cost schedule for a firm. Question3 Quantity Marginal Cost Average Total Cost Average Variable Cost 10 20 What is the economic profit or loss for a perfectly competitive firm if the market price is $12