The table shows total cost and total revenue information for a competitive firm. Quantity (units) Total cost ($) Total r

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The table shows total cost and total revenue information for acompetitive firm. Quantity (units) Total cost ($) Total revenue ($)0 500 0 1 600 135 2 710 270 3 830 405 4 960 540 5 1,100 675 6 1,250810 7 1,410 945 8 1,580 1,080 9 1,760 1,215 10 1,950 1,350 Firmsmaking a loss will compare the losses if it shuts down to thelosses if it operates in the short run. What quantity will the firmproduce if it shuts down in the short run? Output: 0 units Whatwill the profits be if this firm shuts down? $ 500 What quantitywill the firm produce to minimize losses in the short run? 500units If this firm chooses to operate at a loss, what will itsprofits equal? $ 420 If the cost and revenue numbers in the tablewill continue permanently, what will this firm choose to do? Thefirm will shut down immediately. continue to operate indefinitely.continue to operate in the short run, and exit the market in thelong run.