5 — — — —
6 — — — —
7 — — — —
8 — — — —
9 — — — —
10 — — — —
a. Based on the diagram and the assumption that the firm is
maximizing its profit, fill in the table. The last three
columns require only a “yes” or “no.”
b. What is this firm’s shut-down price? Explain.
c. What is this firm’s supply curve? Explain.
13. Consider the table below showing the supply schedules for three
competitive firms, each producing honey. These three firms make
up the entire industry.
Market Price
($/kg)Output (kg)Industry