Problem: Complete the following statements for a firm in a perfectly competitive industry:
1. The firm makes economic profit if the market price for the product is above ________
2. The firm's marginal revenue (MR) is the same as the _________
3. The firm's breakeven point is at the minimum ____________
4. In the shortrun the firm will continue in business provided that the price is above __________
5. The firm's shutdown point is at the ___________
6. The firm's supply curve is that portion the marginal cost (MC) curve above minimum ______________
7. The firm maximizes profit by setting MR equal to ___________
8. The firm's profit is its total revenue minus ___________