Using this graph, answer the questions below.

a)This is a (perfectly competitive firm, oligopoly, or monopoly) and they are operating in the (short run, long run).

b)The firm will break even when the price is $.

c)If the firm breaks even, output quantity will beunits.

d)If the firm breaks even, total revenue (TR) will be $and total cost (TC) will be $.

e)If price is $18, the firm will produceunits and the firm (makes a profit, makes a loss, or breaks even) of $.

f)The optimal level of output is zero when price falls below $. Thus, quantity produced will never be less than units.

g)If the price is $9, the firm will (continue to produce, shutdown). If the firm continues production, then output will be units.

h)If price is $9, the firm will realize a (profit/loss) of $.

a)Average Total Cost (ATC) is at a minimum when price is $. Average variable cost (AVC) is at a minimum when price is $.

b)At the shutdown point (P min AVC), we know that total variable cost (TVC) is $. At this same position, total fixed cost (TFC) is $ (approximately).

You are given the following graph for a hypothetical firm. MC ATC AVC 18 16 13 12.5 12 9 0 16 25 30 38 O 45 52 55 Quantity