(Solved): answer 2,3 and 4. 2. The Short Run supply curve of a firm operating in a perfectly competitive marke ...

2. The Short Run supply curve of a firm operating in a perfectly competitive market can be described as the portion A. of the Marginal Cost curve that that lies above the Average Variable Cost curve. B. of the Marginal Cost curve that that lies above the Average Total Cost curve. C. of the Average Fixed Cost curve that that lies below the Marginal Cost eurve. D. of the Average Variable Cost curve that that lies above the Average Fixed Cost curve. 3. Consider a firm operating in a perfectly competitive market in the Short Run. For this firm, the minimum value of Consider a firm operating in a perfectly competitive market in the Short Run. For this is $\$42.19$. Fixed Costs of Average Variable Costs is $\$38.27$ and the minimum value of Average Total Costs Production are $\$7,800$, If the per unit price of the output of this firm is $\$44.37$, then the firm will A. shut down and incur a loss of exactly 57,800 . B. produce a positive quantity of output and incur a loss of exactly 57,800 . B. produce a positive quantity of oulput and incur a loss of cactive a positive quantity of output and incur a loss of less than 57,800 . D. produce a positive quantity of output and carn a positive profit. 4. Firms operating in a perfectly competitive market should expect that in the Long Run A. Economic Profit will be positive but Accounting Profit will be equal to zero. B. Economic Profit will be equal to zero but Accounting Profit will be positive. C. Economic Profit will be negative but Aceounting Profit will be equal to zero. D. both Economic Profit and Accounting Profit will be equal to zero.