Assume the market for cat food is perfectly competitive. The cost curves for a typical cat food producer are depicted below. Indicate whether each of the following statements is true or false AND explain why
▪ If prices were given by p° this firm maximize profits by producing q = q°
b. Fixed costs are e positive
c. At a price of p2 this rum is in SR equilibrium but nay or any not be in LR equilibrium
d. If pun writ given by p3 we would expect tatty into the cat food ‘Musa).
e. Finn supply is equal to firm MC for all q > qo otherwise supply is given by q = 0
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