You are self-employed profit maximization consultant, specializing in different market structures, the following data is given to you by one firm in the table below. Price $10 Marginal Revenue MR $7 Output 200 units Marginal Cost MC $6 Total cost TC $180 Total fixed cost TFC $80 State whether the following statements are right and wrong (Explain) a. The firm above is operating in a perfectly competitive market. b. The firm above is producing the profit maximization level of output. c. The firm above supposed to shut down. d. The firm above operating in the long run. e. The firm’s AVC is $0.85.

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