Total Variable Marginal Average Average Average Quantity Fixed Variable Total Cost Cost Cost Cost Cost Cost $60 A $160 B C D E F G H $130 J K F M N $150 Refer to the table above. What is the value of J? O a. $115 O b. $60 O c. $230 O d. $20The following graph represents a a firm in a competitive industry with the following cost curves: In Price MC 9 . ATO 8 + AVC 7+ 6 . 4.5 3.5 1 2 3 4 5 6 7 8 Quantity Refer to the figure above. If the price is $6 in the short run, what will happen in the long run if this condition remains? O a. Because the price is equal to each firm's average total cost, firms will shut down. O b. Individual firms will earn negative economic profits in the short run, which will cause some firms to exit the industry. O c. Individual firms will earn positive economic profits in the short run, which will entice other firms to enter the industry. O d. Nothing. The price is consistent with zero economic profits, so there is no incentive for firms to enter or exit the industry