The data above shows cost data for a firm that is selling in a purely competitive market… Show more QUESTION 1 The data above shows cost data for a firm that is selling in a purely competitive market. Refer to the above cost chart. Which output level will the firm NOT produce? QUESTION 2 Which statement is correct? A. To maximize profits a firm should produce at that output at which total revenue is greatest B. In long-run equilibrium a competitive firm will produce at the point of minimum average costs C. A competitive firm will produce in the short run so long as total receipts are sufficient to cover total fixed costs D. A competitive firm will close down in the short run whenever price is less than the minimum attainable average total cost • Show less