QUESTION 5. Use this graph for the next four questions. Bewolloves e Holiphul notionbora Py DVT 10 14 24 30 40 44 47 62 66 wi (Q THE FIRST THING YOU MIGHT WANT TO DO IS TO LABEL THE CURVES. 5A. At P2 (Price 2), this firm will: A. Produce 44 units and realize an economic profit. B. Produce 44 units and earn only a normal profit. C. Produce 66 units and earn only a normal profit. D. Shut down in the short run. 5B. At P1 (Price 1), the firm produce: A. 47 units and break-even. B. 66 units & earn only a normal profit C. 47 units and realize an economic profit. D. Shut down in the short run. 5C. A perfectly competitive firms' short run supply curve is: A. the upward sloping portion of its marginal cost curve. B. the upward sloping portion of its AVC curve. C. its MC curve above AVC at its minimum. D. None of the above. 5D. In a perfectly competitive market structure, A. There will be no economic profits in either the short run or the long run. B. Economic profits may persist in the long run if consumer demand is strong and stable. C. There may be economic profits in the short run, but not in the long run. D. There may be economic profits in the long run, but not in the short run