The manager of a competitive firm will:

Produce rather than shut down if the forecasted price of the product is greater than ________.

Produce and make an economic profit if the forecasted price of the product is greater than ________.

Produce at a loss if the forecasted price is less than ________ but greater than ________.

Shut down if the forecasted price is less than ________.

Minimize loss by producing the level of output where ________ equals ________ when forecasted price is greater than ________ but less than ________.

Maximize profit by producing the level of output where ________ equals ________ when forecasted price is greater than ________.