A perfectly competitive firm is breaking even. In the short run it shouldIn the long run it shouldO a. shut down; expandO b. produce where MC = MR; leave the industryOc produce where MC = MR; keep the same production levelO d. shut down: exit the industryCorn is produced in a perfectly competitive market. The demand for ethanol decreases. This will cause the individual corn farmer's marginal revenue tomaximizing level of output toand their profit-Oa.decrease; increaseOb.increase; increaseO c. increase: decreaseO d. decrease; decrease

A perfectly competitive firm is a market structure where there are large number of buyers and…

is breaking even. In the short run it shoul titiv ut down; expand oduce where MC = MR; leave the industry oduce where MC = MR; keep the same production level ut down: exit the industry duced in a perfectly competitive market. The demand for e- level of output to crease: increase crease; increase crease; decrease crease; decrease